Problem downloading a Required Minimum Distribution from Merrill

Terry Morse

Quicken Deluxe for Windows, version 45.21, build 27.1.45.21, including the latest update.

I have two 401(k) accounts I had to take a Required Minimum Distribution from this year. I took them as cash distributions to my checking account. The download of one of them (from TIAA-CREF) went smoothly: two "sold" transactions, one from TIAA, one from CREF. The correct cash amount showed up in the TIAA account as a cash balance in Quicken, which I was then able to transfer to my checking account in Quicken.

When I download the second account (from Merrill Lynch), it shows up in Quicken as a single "sold" transaction (figures rounded for brevity): 268 shares @ $5590 (which is actually the total amount of the withdrawal), share balance 6531, investment amount -$1,500,000, cash value +$1,500,000. The total market value is approximately correct ($136,000), but the securities value is $1,360,000 and the cash balance $1,504,000. The cash balance should be around $5900. Clearly, something is amiss.

The most obvious likelihood was that the number of shares and share value in the description field were incorrect. Following the example of the TIAA account, I tried changing it to 5590 shares @ $1/share. This resulted in an investment amount of -$5590, a cash amount of +$1,503,000, a cash balance of $1,503,000, and a total market value of $26,809, approximately 1/5th of the actual amount.

I am at a loss how to fix this in the registry for the Merrill account, and would appreciate any suggestions or fixes.

Thank you,
Terry

q_lurker

The ML sale should probably be 268 shares for the $5590 total. Let Quicken figure the price per share. 

q_lurker

The ML sale should probably be 268 shares for the $5590 total. Let Quicken figure the price per share. 

Terry Morse

That worked, with one additional step required and one caveat:

I downloaded the transaction, then set the inv. amt. to 5590 and had Quicken calculate the number of shares. It came up with 1 share at $5,590.47999. However, the total market value was still over $1 million, so I downloaded the account activity again, and it updated the TMV to closer to the correct amount: the TMV in Quicken is $5990 higher than the ending balance shown on the account website, even after I transferred the cash balance shown in Quicken to my checking account. I'm not sure why that is. Perhaps Merrill is misreporting the balance to Quicken?

Terry

Terry Morse

P.S.

I noticed on the Xout transfer to my checking account, Quicken recorded it as inv. amt. $5590.48 and cash amt. -$5590.48. I'm guessing that the inv. amt. offset the reduction to the TMV, hence the incorrect TMV. I tried setting the inv. amt. to $0, but Quicken won't let me do that. The inv. amt. only shows when I select the line of the transfer in the register. Deselect that line and it disappears. The same thing happens in my other 401(k) account, but the TMV is correct in that one.