Adding a new Ally Bank IRA Savings account does not give you the option of making it a savings acct

erick00

When you connect to Ally Bank and try to add your IRA savings account, it defaults to the account type "401(k)". If you try to choose another type you are not given the option of "savings account", only IRA, etc.

Frankx

Hi @erick00

For some things/areas of the application, Quicken uses what one might call layman's terminology to make things easier for folks to use the program. So, while it is absolutely true that the account you hold at Ally is a “savings account” from Quicken's perspective it is more important that the account be correctly classified as a “retirement type” account, rather than as a savings account. When most folks think of a savings account, they think of a passbook account that earns interest. But Quicken must prioritize the type of account first (taxable versus non-taxable; personal savings versus retirement savings; currently-available versus long-term) so that it can correctly handle the account's reporting and what I would call “purpose classification” - i.e. what is the purpose of the account (savings, retirement, taxable, tax-deferred, etc.) and how does that affect how it should be grouped in Quicken and in its reporting.

And to answer your last question - yes, you will be able to enter/download the interest earned in this account in Quicken as it is reported by the financial institution, and for tax-purposes, it will NOT show up as taxable in an export into Tutbo-Tax until such time as you withdraw funds from the account.

Let me know if you have any followup questions.

Frankx

NotACPA

The IRA/401k designation overrides “savings”. Why dies this matter to you?

erick00

Will the interest earned transactions be able to be posted to 401(k) account? If so, then it doesn't matter. Otherwise I would like to have it.

Frankx

Hi @erick00

For some things/areas of the application, Quicken uses what one might call layman's terminology to make things easier for folks to use the program. So, while it is absolutely true that the account you hold at Ally is a “savings account” from Quicken's perspective it is more important that the account be correctly classified as a “retirement type” account, rather than as a savings account. When most folks think of a savings account, they think of a passbook account that earns interest. But Quicken must prioritize the type of account first (taxable versus non-taxable; personal savings versus retirement savings; currently-available versus long-term) so that it can correctly handle the account's reporting and what I would call “purpose classification” - i.e. what is the purpose of the account (savings, retirement, taxable, tax-deferred, etc.) and how does that affect how it should be grouped in Quicken and in its reporting.

And to answer your last question - yes, you will be able to enter/download the interest earned in this account in Quicken as it is reported by the financial institution, and for tax-purposes, it will NOT show up as taxable in an export into Tutbo-Tax until such time as you withdraw funds from the account.

Let me know if you have any followup questions.

Frankx

erick00

Thanks for the response Frankx! Your explanation was helpful in that it appears quicken's implementation is purposeful (not a "bug").