How to setup accounts for T Rowe Price IRA

RFB Member ✭✭✭
After struggling with the strange way T Rowe Price creates discrete accounts for each fund, and also for a brokerage account WITHIN an IRA, I have found what I believe is the best way to setup these accounts in Quicken.

1. The T Rowe Price RETIREMENT link offered during online setup will find and create separate accounts for each of the MUTUAL FUND accounts, including the US Treasury money market account used as your sweep account. This is the only step required if you do NOT have a T Rowe Price Brokerage account within your IRA. ... But

2. If you use your T Rowe Price IRA to self-direct into stocks, you will have a T. Rowe Price Brokerage Account within your IRA. This account is on a different website, but the username and password are the same, and requires a second link, this time to the online setup for the T Rowe Price Brokerage link. This one will find and create an account for the brokerage portion of your IRA. Further, this account will show a cash balance that will be equal to the amount contained in the sweep account created in step 1 above, so the total for all T Rowe Price Accounts will be off by the amount in the sweep account ...So

3. To fix the reporting problem in step 2 above, and since the amount contained in the sweep account is equal to the cash balance shown in the brokerage account, you can either delete the sweep account from your Quicken file entirely, or simply hide it. Either way will cause the reported balance for all T Rowe Price accounts to be correct.
Inaugural (Intuit) Quicken user ... still here.


  • wdwyatt
    wdwyatt Member ✭✭
    RFB - Can you clarify - is there a way to have a Quicken Account correspond to each T Rowe Price account, with each having the multiple funds?
    I've seen this other thread, but the link there doesn't work

    Quicken user since 1995 or so
  • RFB
    RFB Member ✭✭✭
    To answer your first question, NO. Each account for a MUTUAL FUND must be a dedicated account within Quicken, and must be defined as trading a single tax-deferred fund, and either as an IRA or a 40x account. Then, an additional T Rowe Price account must be created for the BROKERAGE account that is also tax-deferred, which holds all non-mutual fund instruments and all cash (held in a treasury sweep account, DO NOT DEFINE THIS SWEEP ACCOUNT IN QUICKEN). If you define the sweep account, your cash balance will be entered twice, once in the Brokerage cash balance, and again in the Sweep Account as a securities balance. Once all of these accounts are setup, all of them can be updated at once using your TRP username and password on each account on-line update. Review the steps above to let Quicken do the initial setups, then make the changes in steps 2 and 3 if needed.
    Inaugural (Intuit) Quicken user ... still here.