Roth IRA Transactions

I use Quicken Deluxe, Version R30.21. I have set up a Roth IRA Account in Investments. It currently should have two stocks in it, but when I try and enter transactions, it only lets me use the name of one stock. If I look at my account overview it does list each stock separately. Also, it used to show a running, so called, cash balance, but does not anymore. It will only let me enter a reminder transaction for fees, etc. What am I doing wrong?
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Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    It sounds like the account has been set up as a "Single mutual fund" account. To change this click on the gear at the top right of the account, select Edit Account details, and click No next to Single Mutual Fund.
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  • I checked this prior to asking my question, but I double checked and it is not setup as a "Single mutual fund". There is a tracking method option and I have chosen "Complete". Would think this would be the best option.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    What security type is assigned to each of the securities?  Market Index should not be used for a security you intend to buy and sell.
  • After talking to Quicken Support, apparently when you set up a Roth IRA account it automatically classifies it as tax deferred, but you can only have a single stock. If you change it to not tax deferred, everything works as it should. So far, if you change it back to tax deferred it continues to work fine. Bizarre!
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    After talking to Quicken Support, apparently when you set up a Roth IRA account it automatically classifies it as tax deferred, but you can only have a single stock. ...
    I would rate that as a broadly inaccurate statement.  It can be set up to only have one security and some mutual fund companies require that type of setup (known as a Single Mutual Fund, SMF, account in Quicken-speak), but it is not a required setup. I have two Roth IRA accounts in my real file with neither having that restriction.  In a test file, I have no trouble changing a Roth IRA setup as a SMF account to remove that restriction.  
  • When I first set up my Roth IRA in 2019 everything was fine. Did not set up as SMF, but when added second stock started having issues. Might have just been a recent update and/or my computer. I just know what fixed it for me.
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