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Updating IRA Account Type from Traditional to Roth

I have a Roth IRA account that is incorrectly identified as a Traditional IRA. Currently, it does not look like Quicken provides an option to update the IRA account sub-type from Traditional to Roth. In the absence of an easy button, what is the best remedial approach to correcting this error?
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Best Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited July 2020 Accepted Answer

    If connecting the financial institution pick that now or Advanced Setup for a manual entry account.
    ....
    Name it.

    Balances.


    Personally I ignore entering securities here since they will result in Placeholders.  Instead I put in the correct buys in the account once setup.  And in your case the buys will come from when you transfer the transactions to this account.


    Select Done




    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/

Answers

  • jfclague
    jfclague Member ✭✭✭✭
    Frankx said:
    Hi @butlerd12,

    Yes, the application will not allow you cannot change the type of account from Traditional to Roth.  However you can setup a new IRA account - of the "Roth" type and then move the transactions in bulk from the old account to the new account.  Here are the steps for the "move":

    1) Backup your Quicken data file (just in case);
    2) I suggest that you take note of the account balance and current holdings of the existing account so that you can easily assess whether the move was successful (I like to use screen-shots for this purpose);
    3) Set up the new IRA account as a Roth IRA;
    4) Open the old IRA account register and click on the "gear" icon in the upper right hand corner; then select "Move Transactions";
    5) Hit the "Select All" button; then use the drop down menu next to "Move to account: to select your new account, and also make sure the box is checked next to "Select all transactions for the same security as a group".
    6) Press the "Move" button and then press "Done".

    Please note that immediately after the transactions are moved Quicken will automatically start a "file validation" process.  This is just part of the move transactions feature, but depending on the size of your file, etc., it will likely take a while for the validation to run.

    Once completed, open the old IRA account and make sure that it contains no transactions - if so you can delete the old account.

    Let me know if you have any followup questions and also how this goes.

    Frankx
    I have tried this but don't know where you can specify an IRA from a Roth IRA other than under the Tax Schedule button under Account Details.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited July 2020 Accepted Answer

    If connecting the financial institution pick that now or Advanced Setup for a manual entry account.
    ....
    Name it.

    Balances.


    Personally I ignore entering securities here since they will result in Placeholders.  Instead I put in the correct buys in the account once setup.  And in your case the buys will come from when you transfer the transactions to this account.


    Select Done




    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • butlerd12
    butlerd12 Member
    Thank you all for the helpful information. I was able to get it set up last night.
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