"Show Cash in a checking account" Option for IRA Accounts [Edited]

nollert
nollert Member
edited July 2021 in Investments (Windows)
I have several brokerage accounts. I use the option "Show cash in a checking account". I just set up a new [IRA] account and that option does not appear. What gives?
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  • UKR
    UKR SuperUser ✭✭✭✭✭
    What account type did you select for the new account?
    AFAIK, the only account type which allows "Show Cash ..." is the regular brokerage account. Retirement accounts do not qualify.
  • nollert
    nollert Member
    It was a traditional IRA and I have other Traditional IRA accounts where the option does show.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    I just checked my decades old IRA account and it doesn't show an option for "Show cash ..."
    And I can't find anything in Quicken Help which answers the question.
    Let's hope someone else chimes in with a better answer ...
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    I believe that feature only got applied for MS-Money converts. An IRA account converted from there would have that ability, but not any other retirement accounts. 
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    I have "show cash in checking" turned on for my (and my wife's) taxable brokerage account ... but not for our retirement accounts.
    I has always been my (admittedly unsupported) belief that while writing checks/etc in a taxable account is common, it's quite unusual in a retirement account because of the tax ramifications.
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  • UKR
    UKR SuperUser ✭✭✭✭✭
    NotACPA said:
    I have "show cash in checking" turned on for my (and my wife's) taxable brokerage account ... but not for our retirement accounts.
    I has always been my (admittedly unsupported) belief that while writing checks/etc in a taxable account is common, it's quite unusual in a retirement account because of the tax ramifications.

    Once you get old enough to have to make withdrawals from retirement accounts, paying with checks or debit cards directly from these accounts will become a little more frequent.
    I know, making banking - type transactions in investment accounts is fairly easy to do, but perhaps Quicken should consider enabling "Show Cash ..." for additional investment account types.
    Not only for these purposes, but also to make Withdrawal transfers which require Splits for tax withholdings easier to categorize and record.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    UKR said:
    NotACPA said:
    I have "show cash in checking" turned on for my (and my wife's) taxable brokerage account ... but not for our retirement accounts.
    I has always been my (admittedly unsupported) belief that while writing checks/etc in a taxable account is common, it's quite unusual in a retirement account because of the tax ramifications.

    Once you get old enough to have to make withdrawals from retirement accounts, paying with checks or debit cards directly from these accounts will become a little more frequent.
    I know, making banking - type transactions in investment accounts is fairly easy to do, but perhaps Quicken should consider enabling "Show Cash ..." for additional investment account types.
    Not only for these purposes, but also to make Withdrawal transfers which require Splits for tax withholdings easier to categorize and record.
    Are you actually writing checks against the IRA account?
    As far as I can see on Vanguard you link a bank account and do a withdraw.  I don't have a Fidelity account any more so I can't check there.
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  • UKR
    UKR SuperUser ✭✭✭✭✭
    Chris_QPW said:
    Are you actually writing checks against the IRA account?
    As far as I can see on Vanguard you link a bank account and do a withdraw.  I don't have a Fidelity account any more so I can't check there.
    I haven't done so yet, but since E*Trade, the brokerage for my IRA, sent me a checkbook, I could write a check to pay for some expenses or to deposit into another bank. The checks are made out with a routing number and account number to draw directly against the IRA account.
    However, my normal method of making IRA withdrawals is by using the brokerage's Transfer/Withdrawal from IRA webpage. This includes optional selections for having fed. and state tax withheld automatically.

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    UKR said:
    Chris_QPW said:
    Are you actually writing checks against the IRA account?
    As far as I can see on Vanguard you link a bank account and do a withdraw.  I don't have a Fidelity account any more so I can't check there.
    I haven't done so yet, but since E*Trade, the brokerage for my IRA, sent me a checkbook, I could write a check to pay for some expenses or to deposit into another bank. The checks are made out with a routing number and account number to draw directly against the IRA account.
    However, my normal method of making IRA withdrawals is by using the brokerage's Transfer/Withdrawal from IRA webpage. This includes optional selections for having fed. and state tax withheld automatically.


    Interesting.

    Well if Quicken did give IRA/401K accounts this option that would fix the long standing problem where the people converting from MS Money are stuck with the option on, and no way to change it.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    P.S.  I think that should be suggested as in idea that people can vote on.  I see no reason why Quicken Inc should be in the business of telling you that you can't do this just because the account type is an IRA or 401K and it isn't "common".  And I doubt it is hard to implement, most likely it would be removing the code that blocks (doesn't turn on) the option.  These accounts in reality aren't different at the account level.
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  • Quicken Anja
    Quicken Anja Moderator mod
    Hello All,


    I went ahead and changed this post to an Idea so other users who have the same or a similar request can vote on this idea by clicking the up arrow (see example below).


    Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.

    Please, be sure to add your own vote as well.

    -Quicken Anja
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited July 2021
    I can't think of any reason this option should not be available.

    Note that writing checks on IRA accounts is more common now that they can be used for Qualified Charitable Deductions (QCDs). The proper use of a linked checking account for QCDs should be ccurately documented.

    Don't forget to vote for this idea by clicking on the little up-arrow under the vote count in the original post.
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  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    UKR said:
    NotACPA said:
    I have "show cash in checking" turned on for my (and my wife's) taxable brokerage account ... but not for our retirement accounts.
    I has always been my (admittedly unsupported) belief that while writing checks/etc in a taxable account is common, it's quite unusual in a retirement account because of the tax ramifications.

    Once you get old enough to have to make withdrawals from retirement accounts, paying with checks or debit cards directly from these accounts will become a little more frequent.
    I know, making banking - type transactions in investment accounts is fairly easy to do, but perhaps Quicken should consider enabling "Show Cash ..." for additional investment account types.
    Not only for these purposes, but also to make Withdrawal transfers which require Splits for tax withholdings easier to categorize and record.
    I can't think of any reason this option should not be available.

    Note that writing checks on IRA accounts is more common now that they can be used for Qualified Charitable Deductions (QCDs). The proper use of a linked checking account for QCDs should be accurately documented.

    Don't forget to vote for this idea by clicking on the little up-arrow under the vote count in the original post.
    I see this as a rather dramatic change in that, so far, retirement accounts get excluded from 'tax' reports.  With this change, that would need to change.  With this change, tax deductible expenses would need to be pulled from these accounts as they are from taxable investment accounts.  But dividends and other income received within these accounts would not be pulled while they would be pulled from the taxable accounts.   

    With this change for the IRA account, one would:
    • Report Dividend from foreign corp -- NO
    • Report Foreign Tax paid on that dividend -- NO
    • Report Gain/Loss on sale of that security --- NO
    • Report Personal Fed/State income tax paid -- Yes
    • Report Medical expense paid ------------- Yes
    I am drawing a blank beyond the foreign tax paid as an 'expense' that would have different tax implications in an IRA account than in a regular investment account, but I am sure there are others.  20-30 years ago, investment custodial fees would have been another, but not under today's tax laws.  Tomorrow's?