How do i record a non-taxable conversion of a mutual fund

How do i record a non-taxable conversion of a mutual fund

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    (I'm assuming this is happening inside a Quicken Account thats' NOT a "Single Mutual Fund" Account.)
    You should be able to do this by using the "Mutual Fund Conversion" action, indicating name change and stock exchange ratios.  However, I know that if you've been using "average cost" to track the cost basis of the fund there have been problems using this action so if you've been using average cost, first back up the Quicken file and try the Mutual Fund Conversion action.  If the fund's cost basis is correct then the "average cost" problem has been solved, and you're done.
    If the Mutual Fund Conversion action messes things up the restore your back up and use the "Corporate Acquisition (stock for stock) action.  You provide the exact same information - name change and exchange ratio.
  • JonMort
    JonMort Member
    Where do I find the Mutual Fund Conversion or Corporate Acquisition actions? They are no listed in my version of Quicken
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    JonMort said:
    Where do I find the Mutual Fund Conversion or Corporate Acquisition actions? They are no listed in my version of Quicken
    Tom Young said:
    (I'm assuming this is happening inside a Quicken Account thats' NOT a "Single Mutual Fund" Account.)
    Edit account details to see if the account is set to SMF. If so, change the Yes to No. you will then get the MF Conversion option. 
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited July 19
    What version of Quicken are you running? Go to Help > About Quicken and let us know what it says there.

    Usually those options are in the list that is displayed when you click on Enter Transactions while viewing the account. If not, click on the gear at the top right of the account page and select Edit account details. Is the Single mutual fund option selected? Unless you have a good reason to use this option, set it to No. That will allow the account to hold more than one mutual fund and you should see the missing items under Enter Transactions.
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