Account change

FEC

I have a minorRoth IRA with Fidelity. The minor has come of age so I need to change the minor Roth IRA to a regular Roth IRA. What is the best way to accomplish this? Can I change the account number in Quicken and update or should I create a new account?

Frankx

Hi @FEC,

To the best of my knowledge, Quicken makes no distinction between a "minor" Roth IRA and a regular Roth IRA. 

So I think the easiest approach - simply deactivating the old account (assuming it's a connected account in Q) and then changing the account number in Q from the old number to the new one; then changing the account name to remove the "minor" designation, and finally reconnecting the account in Q, would be the steps to take.

Frankx

splasher

If this minorRoth account is not in its own data file with the rest of the "nolonger a minor's" financial records, it should be.  Their records should not be co-mingled in the same data file as your records, you don't file taxes together, so your records should not be in the same file.

garysmith87

Alternatively, just mark your son's Roth IRA as "Separate", so it won't be counted in your Net Worth.

I keep track of my adult daughter's Roth IRA and her 401K for her. Both accounts are marked "Separate". I have distinct Portfolio views set up to view only her accounts and see their performance.

Although accounting principles would tell you to have those accounts in a distinct new Quicken data file, it's not required.

Pretty sure that's what Quicken had in mind when they created the "Separate" distinction.

splasher

garysmith87 said:

Alternatively, just mark your son's Roth IRA as "Separate", so it won't be counted in your Net Worth.

I keep track of my adult daughter's Roth IRA and her 401K for her. Both accounts are marked "Separate". I have distinct Portfolio views set up to view only her accounts and see their performance.

Although accounting principles would tell you to have those accounts in a distinct new Quicken data file, it's not required.

Pretty sure that's what Quicken had in mind when they created the "Separate" distinction.

The issue is that if either of you is audited, the other's records are exposed to the audit and you might not want that to happen, not that you have anything to hide, it is just a good idea to not let anyone look at things they don't need to be looking at. 

Frankx

If we are talking about tax audits here, I would strongly suggest that one NOT give access to a Quicken file under any circumstances. 

Tax audits do involve the presentation of relevant source documentation to the tax authority, including, but not limited to, original invoices and receipts, and perhaps some schedules along with such documentation that display, explain and/or support various entries on a tax return or its accompanying schedules.  But we are talking about potentially (and at most) providing printouts from a Quicken file.  Such printouts - in this case - should never include financial data of one's adult daughter.

Personally, I would never suggest that access to a Quicken data file be given to any tax auditor.

Frankx