How to convert a Roth IRA to Brokerage in Account Details (Windows)

Currently the 'Roth IRA' does not have a 'Show Cash in a Checking Account' option. How do i convert the Account type from 'Roth IRA' to 'Brokerage' in Quicken? Both IRA accounts are at Schwab one as a 'brokerage' with the 'Show cash in a checking account', and the other 'Roth IRA' which does not.

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    What are the accounts in real life? If you care about getting accurate results from Quicken's Tax Planner and Lifetime Planner and the tax reports, you will usually want to have the account type in Quicken match the actual account type.

    And also generally speaking you would not want the Show cash in a checking account option to be active for a tax deferred account.


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  • GO2
    GO2 Member
    I agree that generally showing the cash in a checking acount option is not a good option for a Roth IRA. in this case, the idea is to show the cash that is available, for investing or distribution, vs checking. the 'show cash in checking account' is the name quicken assigned. Advice on how to convert a Roth IRA account to Brokerage in quicken for Windows? The goal is to seperate the cash available from securities without logging into the individual Roth IRA account.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    How about clicking on the Holdings button when viewing the account? The last line of the Holdings section at the top shows the cash in the account.

    Or if you are viewing the account, the cash balance is at the bottom right.

    If the cash is held in a money market "Settlement fund" you would have to look at the balance of that fund in the Holdings view to see the cash."Show cash in a checking account" will not change that.
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    To answer your actual question, there is no direct way to change an account from Roth to another account type. You would have to create a new account and transfer the assets or move the transactions to the new account. Please see and/or comment on this Idea post for more info.
    https://community.quicken.com/discussion/comment/20103023
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