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SoldX & BoughtX Transactions are no longer Options in IRA Accounts

FlyerFran
FlyerFran Windows Beta Beta
edited February 19 in Investing (Windows)
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.
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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    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


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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    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.
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  • FlyerFran
    FlyerFran Windows Beta Beta
    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
    Studpup Windows Beta Beta
    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.
    I'm not a quicken employee, just trying to be a helpful pup!
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    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.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @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.
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