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How do I journal shares from an IRA in one data file to a Retail Account in another data file?

Thutmose

I am journaling shares from an IRA in its own data file to a non-IRA account in a separate data file. What is the process? Using Quicken Deluxe latest version on Win 10

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Frankx

Hi @Thutmose,

To the best of my knowledge (and I have been a Quicken user for quite a while) there is not a way to make an entry (or record one transaction) in one datafile and have it automatically appear in another datafile. Each Quicken datafile is typically setup to be a complete record, usually for a person or family unit.

So, to accomplish what you are trying to do, you'll need to make two separate entries - one in each datafile.

Frankx

Thutmose

Thanks for your reply. To my delight I discovered that when I downloaded the recent transactions in the two different Quicken files the financial entity I use cleanly and clearly added and removed shares from the appropriate accounts. This was made easier, of course, since the specific investment already existed in each file and account in question.

Tom Young

It sounds to me like you moved all the securities in an IRA to an after-tax brokerage account? If that's the case then that's a taxable distribution and that affects the bases of the securities and the holding periods.

Am I reading this correctly?

Thutmose

Thanks, Tom Young. Actually, I am fully aware of the tax consequences. I was asking how Quicken actually carried out the transfer since it was between two separate data files. The answer was easily handled by Quicken: remove the shares from one file/accoiut and add them in the other.

Tom Young

"I am fully aware of the tax consequences"

That's good. But you will need those new cost bases and holding periods going forward.

I'm surprised that the downloads worked in that fashion. I'd expect the Removed actions of course, but you'd think the receiving broker might have massaged the Adds to reflect the bases and dates of the "new" shares, given the IRS requirements of reporting the bases of Covered securities.

I'd have taken a different approach of selling the securities in the one data file to recognize the reportable income and then buying the new securities - one lot per security - in the new data file. That's the "real world" situation.

Frankx

Hi again @Thutmose,

You know - you could have told me that you were downloading transactions into each of the two datafiles... LOL

Glad to hear that it turned out to be a lot easier than I had imagined.

Take care.

Frankx

leonard kearney

ok, same question, but both accounts in the same file. Schwab "journaled" the transactions on their side. I have placeholders as the system did not handle correctly. I can do this on regular accounts (checking payment to credit card) How do i handle on investments?

Tom Young

I'd delete the downloaded entries in the two Accounts. I'd sell the security that's being distributed out of the IRA, transfer the cash to the after-tax brokerage Account, and then buy the security there.

The transfer out of cash triggers the taxable income for income tax purposes, the buy in the new Account set's the security's basis properly.