ira rollover between investment firms - how to record in Quicken

GrandmaAYW

We rolled over a qualified IRA from one firm to another. How do I enter that in Quicken Deluxe?

Jim_Harman

Were the securities at the old firm sold and the cash transferred then new securities bought, or are they transferred "in kind" roughly any buying or selling?

Different instructions supply depending on t how the transfer occurred

GrandmaAYW

I don't know. I just signed the paper work for the Rollover and the two firms transferred the value. It may have been a sell/buy transaction since we now have different items in the new account. Both are qualified IRAs. I never saw any of the money.

Jim_Harman

If it is different investments now, you might as well record it as sales in the old account and Buys in the other, or just keep it as the same account but change the name of the financial institution in Quicken.

Are you downloading transactions for these accounts, entering them manually, or just keeping track of the balances? 

GrandmaAYW

Just keeping track of the balances! I think I'll opt for the name change. Thanks so much!

NotACPA

If you have "different items in the new account" ... then it MUST have been a Sell, transfer cash, BUY situation.  Your new items/securities have a different cost basis than did the old items.

q_lurker

NotACPA said:

If you have "different items in the new account" ... then it MUST have been a Sell, transfer cash, BUY situation.  Your new items/securities have a different cost basis than did the old items.

But even with that case (change of securities), if you can manage the account name change / financial institution change, I would go that route rather than a new account and transfer.