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Quicken Classic for Windows
Investing (Windows)
Trying to convert 401K to an IRA.
Millardj
Using Quicken help I Followed steps in Converting a brokage account to a 401(K) or IRA Account. final step is aske to Click the Convert to a 401(K) or IRA button. There is no convert button. Don't know what to do
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Accepted answers
Jim_Harman
Are you trying to convert a brokerage account to an IRA or 401(k), or a 401(k) to an IRA as your title says? Converting a 401(k) to an IRA is a different situation.
In QWin Subscription, if you are starting with a brokerage account
-- Click the gear at the top right of the account and select Edit Account Details. The account type will say Brokerage.
-- Select Yes next to Tax deferred. A Convert to 401k/IRA/529 button should appear at the bottom right.
-- Click on that and follow the directions.
See this screenshot
Note that this cannot be reversed as far as I know, so back up your data file first in case something goes wrong.
Jim_Harman
OK, so you are not rolling over the account to an IRA, you just want the setup in Quicken to match what you have had all along?
If that is the case and the downloads are working, you don't really have to do anything, you can just leave it as a 401(k) in Quicken because the taxation is the same. Or is there some other reason you want to tell Quicken you are rolling it over?
All comments
Jim_Harman
Are you trying to convert a brokerage account to an IRA or 401(k), or a 401(k) to an IRA as your title says? Converting a 401(k) to an IRA is a different situation.
In QWin Subscription, if you are starting with a brokerage account
-- Click the gear at the top right of the account and select Edit Account Details. The account type will say Brokerage.
-- Select Yes next to Tax deferred. A Convert to 401k/IRA/529 button should appear at the bottom right.
-- Click on that and follow the directions.
See this screenshot
Note that this cannot be reversed as far as I know, so back up your data file first in case something goes wrong.
Millardj
Jim,
Sorry didn't get back to you quicker, What your showing is what I want to get too. I don't have the options listed in screen shot. Screen I have hast the following; Account details, Account Name, Description, Account Type 401K or 403(b), Tax deferred yes no, Account holder, From Paycheck, Matching yes or no. Not sure how to attach a screen shot. Thank you;
John
Jim_Harman
OK Thanks. So your title is correct but your first post talks about a brokerage account which in Quicken usually means a taxable account.
You are starting with a 401(k) and you want to convert it to an IRA.
Are you downloading transactions for this account or doing everything manually?
Has this change already occurred or is it in the future?
Is the new account a traditional IRA or a Roth?
What version of Quicken are you running? - Go to Help > About Quicken and let us know what it says there.
Millardj
Jim, Yes I set up account wrong originally. Currently it set up as a 401 and I want to convert to a traditional IRA with several securities. I down load transactions to track growth, income, bye and sell securities. Currently using Quicken Premier 202 R25.8.
Thank you
John
Jim_Harman
OK, so you are not rolling over the account to an IRA, you just want the setup in Quicken to match what you have had all along?
If that is the case and the downloads are working, you don't really have to do anything, you can just leave it as a 401(k) in Quicken because the taxation is the same. Or is there some other reason you want to tell Quicken you are rolling it over?
Millardj
Jim Thank you for your help. John
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