SoldX & BoughtX Transactions are no longer Options in IRA Accounts

FlyerFran

Not sure when this changed, I last used a SoldX transaction on 1/15/21 in an IRA account, but neither option is now available in either my [Removed] or Production builds.  

This is a very much needed feature.

Jim_Harman

I think you will find that SoldX and BoughtX are not very useful with an IRA, because for proper tax tracking you must enter a cash transfer in the taxable account that receives the cash.

See this FAQ for more information
https://community.quicken.com/discussion/comment/20027117 

Frankx

Hi @FranSkwira,

Which type of account is the IRA account?  The SoldX transaction is available for "security-type" accounts but not for all accounts (such as bank accounts).  Could that be your problem?

If not, please give us some additional information so the we can try tp help you.

Frankx

Jim_Harman

Interesting. In my investing accounts, looking in the dropdown list in the Transaction list (register), traditional IRAs have BoughtX and SoldX as options but Roth and SEP IRAs do not.

But in any of these accounts, you can click on Enter Transactions and create a Buy or Sell with the cash from/to another account, which creates a BoughtX or SoldX. Go figure.

Note that for correct tax reporting in IRA type accounts, it is best to initiate any cash transfers in a taxable account then Buy or Sell the securities in the tax deferred account. For incoming transfers, this will create a ContribX in the IRA and give you the option to specify the tax year.

Perhaps Quicken is part way through implementing the long-requested improvements to entering IRA transactions.

FlyerFran

Frank & Jim thanks for the quick feedback, which caused me to dig deeper with the following results:
    It seems that Q' Investment Accounts can be any of the following types - IRA's (Roth or Traditional); Brokerage; 401(k)/403(b); or 529.   
    The SoldX and BoughtX investment options are available for all the Investment Account types except for IRA's (Roth or Traditional). {Jim, i don't get the option for Traditional IRA's.  It's interesting that you do?} 
    This makes no sense to me as all of these types can have, stocks, bonds, mutual funds, cash, etc.  Further, as you know, once retired, minimum distributions are required each year.  Since these proceeds are generated by selling some of the holdings and transferring the money to another account -- the SoldX option would be of great value.  Without it I have to accept the downloaded Sold transaction and then create a WithdrawX to get the funds to the correct account.

So - guess I suggesting that SoldX and BoughtX be added to all investment registers. 

studpup

How is SoldX different than just doing Sold, and under "Record proceeds?" choosing a checking account there? I don't get SoldX or BoughtX for any of my investing accounts.

Rocket J Squirrel

It's true that the items available in the Action field of an investment register vary by the account type.

But as @Studpup mentioned, you can still get there by going through the Enter Transactions button and choosing the source or destination of the dollars for the transaction.

I consider the Action column a shortcut to some of the available actions. Because it varies from account to account, I almost never use it and always go to the Enter Transactions dialog.

Jim_Harman

@FranSkwira

If you create a Reminder for the monthly cash transfer you will not have to enter it manually. If you want, you can have it automatically entered so you can skip the step of accepting it.

And as I noted above, recording a SoldX in the IRA account will not record the distribution correctly for tax tracking.

FlyerFran

Still need SoldX & BoughtX in my IRA Accounts.  Have gone through all of the replies above -- thanks to all -- but the problem still exists.  As with all other investment types, I believe that traditional IRA's need this same functionality.  I am taking regular distributions from these types of accounts and want to show the money going directly to my checking account.  Now I have to accept the Sold transaction and then manually create a WithdrawX transaction to move the money.  Hopefully, I am not the only one that has this problem.   

Jim_Harman

I think you will find that SoldX and BoughtX are not very useful with an IRA, because for proper tax tracking you must enter a cash transfer in the taxable account that receives the cash.

See this FAQ for more information
https://community.quicken.com/discussion/comment/20027117 

FlyerFran

Just looking back at @Jim_Harman's last comment -- don't agree that SoldX is not useful.  For me, it is a necessity as I am withdrawing money out of my IRA for my personal use.  It's not going to be invested, so yes, it's taxable.  When SoldX was available, had the transaction set up with a split category - showing the account where the money was going and a category "Other Income:IRA & 40k" which has a Tax Line Item: Form 1099-R: Total IRA gross distrib."    (In order to have 2 categories with the full amount of the transaction - I simply added a negative full amount - with no category - into the Split Transaction window)

While I don't remember using BoughtX, suggest that be added back as well as I expect it would be used to show where purchase money comes from.

So again, up until early this year, both SoldX and BoughtX were available for IRA, and I request they be added back. 

So @Quicken Sarah can you let me know how we get this suggestion voted on? 

Thanks to all.

Jim_Harman

@FlyerFran, if you click on Enter Transactions in the IRA then select Sold and specify the transfer account in the Record proceeds section, that should create a SoldX transaction.

Is that option not available to you?

FlyerFran

@Jim_Harman, @Rocket J Squirrel
Thanks to Jim's latest comment and Rocket's 2/19 comment, I finally figured out that using "Enter Transaction" gives me the transfer account option I want. 

I customized the Action Bar in each IRA register to include "Enter Transaction -- so I am good to go, but simply having the SoldX, BoughtX options back would be easier. 😎  Thanks.

Tom Young

@FlyerFran

"I customized the Action Bar in each IRA register to include "Enter Transaction -- so I am good to go"

That statement caught my attention.  Every single Investment type Account in all the various "flavors" available in all my files has an "Enter Transaction" button immediately to the left of the "Holdings" button:

So why did you find it necessary to add the Enter Transaction button on the Action Bar?  Are you saying that your transaction lists don't have the button shown above?

FlyerFran

@Tom Young
Great Question.  Simple answer, I didn't notice the "Enter Transaction" button, guess I was looking too hard for it.  Thanks for pointing it out to me.