IRA characterization

Jeffrey Janofsky
Jeffrey Janofsky Member ✭✭
in Investing (Windows)
I created an IRA account and mischaracterized it as a Roth rather than as a SEP IRA. Is there any way to change the account from Roth to SEP?
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Best Answer

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    Create the new account and back up first, then click the gear at the top right of the old account and pick Move transactions. Read the instructions carefully.
    QWin Premier subscription

Answers

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    No unfortunately you need to create a new account of the correct type. However you can move the transactions to the new account if you want.
    QWin Premier subscription
  • Jeffrey Janofsky
    Jeffrey Janofsky Member ✭✭
    How would I move the transactions?
  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    Create the new account and back up first, then click the gear at the top right of the old account and pick Move transactions. Read the instructions carefully.
    QWin Premier subscription
  • Jeffrey Janofsky
    Jeffrey Janofsky Member ✭✭
    Thanks very much for your help

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