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Transfer nightmare [transferring security between brokerage accounts]

Ritzy

A bond fund was purchased in 2009 from financial institution(#1). All dividends have been reinvested with the only sale being in 2013. At the time of the sale I did not specify lots so I am assuming FIFO method was used by Quicken..
Fast forward to 11/30/2021, I transferred security to institution (#2). Cost of security transferred did not agree with my records, the difference being between the FIFO method and actual proceeds per 2013 1099.
Is there any hope of correcting this grievous error?

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Tom Young

"A bond fund was purchased in 2009 from financial institution(#1). All dividends have been reinvested with the only sale being in 2013. At the time of the sale I did not specify lots so I am assuming FIFO method was used by Quicken.."

If you've been tracking this security all along, there's no reason to "assume" anything. Simply go to the Holdings tab and look at the lots before and after the sale and see what lot(s) disappeared and/or got reduced.

"Fast forward to 11/30/2021, I transferred security to institution (#2). Cost of security transferred did not agree with my records, the difference being between the FIFO method and actual proceeds per 2013 1099."

There's some unpacking to do here. Are you saying that before the security was transferred Quicken and the broker agreed as to the cost basis? That would say that the Quicken listing of lot prices after the sale agreed to broker #1's listing. The difference between the FIFO method (which you seem to be unsure of yet appear to have a definite dollar amount in mind here) and the actual proceeds would be your gain or loss? I'm not really following along.

If you want Quicken's lot-by-lot basis to be the same as that shown by broker #2, then line up the two lists and via Removes and Adds get your lots to agree to the brokers.

q_lurker

Ritzy said:

...
Fast forward to 11/30/2021, I transferred security to institution (#2). Cost of security transferred did not agree with my records, the difference being between the FIFO method and actual proceeds per 2013 1099.

Is there any hope of correcting this grievous error?

Following up on @Tom Young it sounds like you now know from the 2013 1099 form what lots the brokerage considered sold at that time and further you know your Quicken records show something else.

You can make that correction by editing the 2013 Sold Shares transaction and specifying the 'correct' lots per the 1099 form.

Then on to the 2021 transfer. Did you do that with Quicken's Shares Transferred between accounts function? That process would enter one Removed Shares transaction in the old Brokerage account and a series of Add Shares transactions in the new Brokerage account. The memo line on the transactions would indicate the transfer.

Before going into alternatives for fixing that, let's make sure that is the path you are on. I suppose I'd also like to know the depth of the 2013 discrepancy. Is that a couple of lots changed, or many lots changed? A FIFO selection may have come all from your first purchase whereas a minimum tax selection might have involved 25-50 lots.