HSA account - what type? and not taxed?

pamela77

When setting up the HSA account I used "simple IRA" because I could not find anything that said "HSA" . Is there a better way to set it up? Also, I am trying to manually enter some gains, and even thought there is a category in my category list saying reinvest long term capital gains quicken will not provide this option in the drop down menu and will not let me type it in manually without asking if I want to create a new category.

Likewise my drop down menu of choices often will not include dividend interest tax free, or many of the other categories in the main category list.

Another part to this question - when should I use capital gain vs reinvest capital..?

Thank you
Pamela

Frankx

Hi @pamela77

Unfortunately, Quicken does not currently have a "HSA - type" account.  Probably the best type of account that should be used to setup a HSA account - given Quicken's current options - is a "Roth IRA" account.  A "simple IRA" would not be correct in terms of tax attributes, so I suggest that you change the account to a Roth IRA type.

As far as the recording of capital gains and the other issues you are seeing with dividends and/or interest income, I believe those will be resolved by switching the account type by changing the account type to "Roth IRA".

Let me know if you have any followups.

Frankx

pamela77

OK, I changed it to a roth ira rather than a simple IRA, but it still would offer me most of the income categories in the drop down menu. When I changed the payment type to misc, then it let me put in unrealized gain/loss. Would that be the correct category for HSA gains?