Corporate Spin-offs

I recently entered a Corporate Spin-off transaction into quicken and forgot to check the box to indicate it was a taxable transaction. Anyone know how I can edit that transaction since the transaction does not show up as a separate transaction in the register.

Find more posts tagged with

Investments

Add/Edit Transactions

Accepted answers

Sherlock

As I recall, the Corporation Spin-off wizard in Quicken 2015 would introduce RtrnCap action transactions for the original lots and Bought action transactions for new holdings. You should be able to locate and delete these transactions and re-enter the spin-off.

Before making significant changes to the Quicken file, always save a backup: press Ctrl + B

All comments

Sherlock

Please provide the version of Quicken being used: select Help > About Quicken

bizcardnut

I am using Quicken 2015.

Sherlock

bizcardnut

Thanks Sherlock. That worked. Appreciate the help.

q_lurker

I agree regarding the actions @Sherlock cited. There may be a consistent memo entry for all the applicable transactions. Something like "Non-taxable spinoff on 01/02/20". You may be able to search using the memo field with the right keywords. Only the two securities involved will need to be reviewed.

Taxable spinoffs are rather rare in my experience. Are you sure? Care to share the names of the securities? I am not sure I would trust Quicken's operation with the 'taxable' box checked. Check the results closely.

q_lurker

PS: The newer Quicken suggests for a taxable spinoff
1. MiscInc transaction for $-value of spinoff shares
2. Add Shares

That too is 'wrong' in my opinion.

1. Could be a Dividend or MiscInc transaction depending on the structure of the deal. For the MiscInc, a 'suitable' category would be needed subject to a correct tax-line assignment
2. Would need to be a Buy Shares to use up the cash generated in transaction 1.

Properly configured, I think those would work for QW2015 as well.