How to setup accounts for T Rowe Price IRA

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RFB
RFB Member ✭✭✭
edited June 2023 in Investing (Windows)
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.

Comments

  • wdwyatt
    wdwyatt Member ✭✭
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    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
    https://community.quicken.com/discussion/7852053/t-rowe-price-multiple-mutual-funds

    Bill
    Quicken user since 1995 or so
  • RFB
    RFB Member ✭✭✭
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    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.
  • Sandra Brown
    Sandra Brown Member ✭✭
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    I have 2 T. Rowe Price Mutual Accounts, one IRA and one Personal. I have specified these accounts as having multiple MF.

    When trying to set up the download it allows me to only assign 1 mutual account to either account. I have a similar situation with Vanguard and have no difficulty with no trouble. It is very time consuming and error prone to enter the transactions manually. I don't understand why I can't specify multiple MF's to the appropriate account.

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
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    You don't have to enter the TRP transactions manually, but you can't force multiple TRP funds into one account when downloading. You must have a different account in Quicken for each TRP fund. There is no logical reason for this, it is just that TRP has a different account number for each fund and in Quicken an account can have only one account number.

    QWin Premier subscription
  • wdwyatt
    wdwyatt Member ✭✭
    edited May 2023
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    I used T. Rowe Price, Fidelity, and Vanguard.
    Fidelity and Vanguard work very well with Quicken. T. Rowe Price does not, as described in the previous posts above. Quicken had a long column of ‘accounts’ for the various T. Rowe Price investment funds, and only ONE holding in each. Also, I needed to make new accounts every time new securities were added to the ‘holdings’. Sure, they downloaded, but it didn’t look and summarize the way an Investment ‘Account’ should, didn’t match the breakdowns on the TRP statements, and overall was far more work than it should have been.
    I got the attention of a VP at TRP to ask if they were aware, and whether they planned to make it easier for Quicken users. The answers were Yes, they know, but sorry No, they couldn’t do anything about it.
    Looking deeper, it seems TRP is a small fish with larger fees….So, I moved everything to Vanguard. The move was easy, far easier than a few more quarters dealing with TRP - I wished I’d done it sooner! Life is too short to spend time wrangling something that should not need to be wrangled.
    Good luck!
    Quicken user since 1995 or so
  • FlyerFran
    FlyerFran Windows Beta Beta
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    Trying to re-Setup Online Access for my 3 TRP accounts and keep getting the following screen:

    I am using the correct user name and password. Any ideas?

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