Transferring two IRA brokerage accounts to one brokerage account

mrgumdrop

Have two IRAs at Raymond James being transferred to one IRA account at Fidelity. Individual stocks being transferred. What is the best way to record this transaction?

Jim_Harman

There are a couple of ways to do this, but I would use the method below because it mimics what happened in real life. This will enter one Removed transaction for each security currently held in the RJ account and an Added transaction in the Fidelity account for each tax lot of each security. It preserves the cost basis and acquisition dates of the securities transferred. The original cash and security transactions will remain in the RJ accounts.

1. Make sure the holdings in your Raymond James accounts prior to the transfer are up to date and accurate. 
2. Back up your data file in case something goes wrong.
3. In the RJ accounts, click on the gear, pick Edit account details, and on the Online Services tab, click on Deactivate.
4. If there are transactions in the RJ accounts that remove the holdings for the transfer, delete them.
5. Set up the Fidelity account in Quicken if you have not already. If there are already transactions that transfer the RJ holdings into the account, delete them.
6. In the RJ accounts, click on Enter Transactions and pick Shares transferred between accounts.
7. Select All securities and click on Enter/Done.
8. If there is any cash in the RJ accounts, enter a Cash Transferred out of account to move it to the Fidelity account.