How to setup an investment account and select who owns this IRA

stestu

In Quicken for Windows help, when I look up "How do I add an investment account". One of the listed options is Advanced Setup wizard. In the list of additional screens is "About this account-IRA accounts".
The first step is "1. Next to Who owns this IRA? select either yourself or your spouse."
I have the latest updated version of Quicken. I cannot locate this setting anywhere.
I have talked to Quicken support several times, They say this is not an option.
However when using other functions of Quicken such as Tax Planner. The program assigns all assets to myself and none to my spouse.
It seems that Quicken has the option to assign assets to myself or my spouse in the same data file, I just can't seem to locate it.

Scooterlam

When you add a manual IRA or 401K account, the setup wizard does ask you who owns the account, as help points out.   I have not tested this when adding an online account however.

For IRAs the dialog that asks you for account owner is toward the end of the wizard.  Image 1.   For 401Ks the dialog that asks you for account owner is a couple of screens in.  Image 2.

You've gone through the wizard (not help) and you didn't see this question?  Post your actual steps if so.

Just a note,  if you use Lifetime Planner, double check the account ownership in that feature.   See issue here.



Image 1 - IRA


Image 2 - 401K

stestu

Thank you for your response. I did find exactly what you said. It seems so simple now. Is there any way to change an existing account ownership?
Thank you in advance.

Jim_Harman

One way to do this would be:
--Disable online services in the old account, if you are using them
--Set up a new account with the correct ownership
--In the old account, click the gear at the top right and use the Move transactions function to move all the transactions from the old account to the new one.

Be sure to back up your data first, in case something goes wrong.

stestu

Thank you Scooterlam and Jim_Harman for your solutions to my problem. I greatly appreciate your expertise and taking the time to answer my questions. I was able to setup new accounts with the ownership I wanted as well as change the ownership of existing accounts without losing any data.

Scooterlam

When you add a manual IRA or 401K account, the setup wizard does ask you who owns the account, as help points out.   I have not tested this when adding an online account however.

For IRAs the dialog that asks you for account owner is toward the end of the wizard.  Image 1.   For 401Ks the dialog that asks you for account owner is a couple of screens in.  Image 2.

You've gone through the wizard (not help) and you didn't see this question?  Post your actual steps if so.

Just a note,  if you use Lifetime Planner, double check the account ownership in that feature.   See issue here.



Image 1 - IRA


Image 2 - 401K

stestu

Thank you for your response. I did find exactly what you said. It seems so simple now. Is there any way to change an existing account ownership?
Thank you in advance.

Scooterlam

stestu said:

...Is there any way to change an existing account ownership?
Thank you in advance.

I have not found a way via Account Details dialog to change ownership of an account.  Odd that it's not there, in a way.

Jim_Harman

One way to do this would be:
--Disable online services in the old account, if you are using them
--Set up a new account with the correct ownership
--In the old account, click the gear at the top right and use the Move transactions function to move all the transactions from the old account to the new one.

Be sure to back up your data first, in case something goes wrong.

stestu

Thank you Scooterlam and Jim_Harman for your solutions to my problem. I greatly appreciate your expertise and taking the time to answer my questions. I was able to setup new accounts with the ownership I wanted as well as change the ownership of existing accounts without losing any data.