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Changing Securities in Traditional IRA

DanWis

I have an IRA Account where the financial institution changed securities. I am unable to figure out how to zero out or trade the shares I have for one security to the other. In the IRA I am not able to select any securities in a transfer condition, I can only select the IRA fund Any and all help is appreciated.

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Accepted answers

Chris_QPW

What action are you trying to use for the "transfer"?
Basically anything that says transfer in it is for a cash transfer not a security changing.

If the security is changed without actually selling/buying then what you need is Corporate Acquisition (stock for stock). Examples of this might changing from a "standard class" of the security to its "admiral class" of the security.

If the financial institution actually sold the security and bought another then those are the actions you should use.

All comments

volvogirl

Hmmmm, I typed a reply but don't see it. I'll try again. Is there only one Security in this IRA Account? It might be set up as a Single Mutual Fund Account. If it is a SMF you should be able to edit the account and change it. There might be a yes or no box for Single Mutual Fund.

DanWis

Thanks for the reply, no there are 2 securities currently in this account. It is set as a traditional IRA. Any thoughts? Thanks

Chris_QPW

DanWis

Thanks for the help. I ended up creating 2 transactions. One to sell, and one to buy. Then I had to reconcile shares, and edit the transactions between the time of the change over and today. Quicken entered some stock shares under the old security. I had to edit each transaction, remove the old shares and then enter the new shares. It took a lot of testing, but it eventually worked out. Thanks for the tip of entering the sell and purchase transactions. That started me down the right path.

NotACPA

@DanWis, what sort of "changed securities" did the FI execute? Did they exchange one class of a fund for another class? Did they do a buy of one and sell or another? Or what?

And, if you'd name the 2 securities involved, it would greatly help us in understanding your situation.