Fidelity Accounts change from Retirement to Brokerage

Ramias

I have a few IRAs at Fidelity. I want them to appear in the Retirement section of Investing in Quicken. When these accounts are configured for online downloads, the option to change account type from Brokerage to Roth IRA is greyed out. If I disconnect these accounts from Fidelity, I can configure the correct account type. When I reconnect the accounts for online download the change back to brokerage and I can not change it.

Not sure if it is the data feed from Fidelity over-riding this, but Quicken should allow me to ignore this.

Others seeing this?

jacobs

I believe some people reported success doing this:

• disconnect their accounts from downloading
• now Quicken would allow the account type to be changed
• reconnect the accounts to download

I can't vouch for this, but you could try it to see if it works. (I think it's new with version 6.x that Quicken Mac has locked the account type and not allowed users to change it.)  

Steve F

I added retirement accounts (trad IRA, Roth) and adjusted the default when creating them, but they show up in the sidebar as brokerage accounts. How can I edit them so that show up in retirement group?

Quicken Anja

Hello @Steve F,

Thank you for reaching out to the Community with your question.

In the sidebar any and all investment type accounts would be placed under the category titled Brokerage Accounts. However, this should not affect nor change the account type that you initially would have assigned to the account. 

To verify whether or not the correct account type is still assigned to the account, open the account register, then navigate to the Settings gear on the bottom-right. You should then see in the account details which Type is assigned to the account.

Please, check back and let us know what you find.

Steve F

The retirement funds are marked now as brokerage versus e.g. traditional IRA. The account setting box does not allow me to change them from brokerage. Any tips?

jacobs

@Quicken Anja @Steve F  there have been many users complaining about this; I believe it started with the 6.0 release in November. Although I am not able to verify this with my data, I have submitted it as a bug -- but I don't know whether Quicken yet has it accepted and tacked as a bug.  @Quicken Anja , can you check to see if this exists?

Some users report they have been able to work around this by disconnecting their accounts from downloads, changing the account Type, and reconnecting their accounts; others report that after doing this, on the next download, Quicken changes the account type back to Brokerage.

Here are some threads and comments I was able to quickly find about this issue:

https://community.quicken.com/discussion/7887810/retirement-accounts-show-up-as-brokerage-accounts

https://community.quicken.com/discussion/comment/20136822/#Comment_20136822

https://community.quicken.com/discussion/7884292/schwab-ira-account-is-in-the-wrong-section-q-mac

https://community.quicken.com/discussion/comment/20132741/#Comment_20132741

https://community.quicken.com/discussion/7884160/i-cant-change-the-account-type-under-settings

https://community.quicken.com/discussion/7883637/cant-change-account-type-just-another-reason-i-still-use-the-windows-version

(Just read the 3rd paragraph; ignore the rest)

https://community.quicken.com/discussion/comment/20146098/#Comment_20146098

I'm sure I've read more than these, but that's a fair sampling. 

Quicken Anja

@jacobs We searched to see if we could find an open ticket for this but unfortunately did not find any.

@Steve F could you please navigate to Help > Report a Problem..., and also add "Attn: Anja" to the title? Please, check back here and add a response to let me know when that's done so we can look for it.

Meanwhile, I will go ahead and submit a bug report for this to our Development and Product teams for further investigation and resolution. Unfortunately, we won't have an ETA on this. However, once a solution is created it will be made available as part of a future update release.

Thank you for your patience and for bringing awareness to this issue!

Steve F

Anja, I have submitted the problem report. Thanks for your efforts.

queengeek

I'm having a similar issue with TD Ameritrade. Even if I select "Traditional IRA" in Quicken (upon creating the account) but Quicken changes it to "Cash Account" and I'm unable to change afterwards. Very frustration.

I'm using Quicken for Mac Subscription.

Tushar Talele

Anyone had any luck with this issue? I just noticed today that my Fidelity IRA account is showing up as a brokerage account instead of a retirement account like it used to. Oddly, I have another Fidelity IRA account that is showing up in retirement like it should be, so not sure what's going on with the one showing in brokerage.

Quicken_Tyka

Hello all,

Thank you for taking the time to visit the Community to report this issue, although I apologize that you have not received a follow-up response.

This is a known issue and we are working towards a solution. A fix for this should be available in the next release, however, I do not have an exact ETA at this time.

Thank you!

-Quicken Tyka

jlbergie

I'm having a similar issue but I can change the account type but when I go to reports my annuities as being specified as banking .

Paul13

I have the same issue with TD Ameritrade/Schwab accounts. Also as a result of the wrong account type the income is not properly classified as tax free versus taxable

Quicken_Tyka

Hello all,

Thank you for taking the time to visit the Community to report that you continue to experience this issue.

This is a known issue and we are working towards a solution. A fix for this should be available in the next release, however, I do not have an exact ETA at this time. 

-Quicken Tyka

dan.greenberg.ct

This was actually just fixed in the release that just came out, 6.2.0, though I didn't see mention of it in the release notes.