Converting a brokerage account to a 401(k) or IRA - Verifying impact

BJB
BJB Member ✭✭
edited September 19 in Investing (Windows)
Greetings. I track all investments account at the detail level with transactions and a cash balance in the investment register.

However I do not use Quicken for investment tax reports, however I still think I should fix this. I have an investment account that is an IRA that is setup as a brokerage or taxable account.

A Quicken FAQ makes it seem so easy.....just go to tools > Account List and edit the acount. Go into Details and change Tax Deferred status to YES. And show cash in checking account to No. Click Convert.

I can do that! However after many years of using Quicken, and recently having to run a verification of my data file, I am just checking if there are any issues that doing this can cause with my current balances, history, etc. I have a LOT of investment history.

I am assuming of course that going forward it impacts the tax reporting on these accounts (which I don't use). But I don't want it to mess with anything else.

Thanks for the input.
BJB

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Changing a brokerage account to an IRA doesn't change any of the transactions in the account.  It is just changing the information about this account.  This affects things like should the account be selected by default in reports that show tax information.

    Of course it never hurts to have a backup before you do anything you aren't a 100% sure of (or even if you are!).   ;)
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  • BJB
    BJB Member ✭✭
    Thanks! And absolutely on the backup :)