Roth IRA Transactions

Question

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?

missymilomax · Answer

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.

q_lurker · Answer

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.

missymilomax · Answer

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!