IRA Setup: WealthScape

gpt

I managed to add CDs but when it came to my IRA, I was stumped. Seems you need to add all stock content within the IRA which would be a daunting task. Also, the portfolio is rebalanced and stocks are sold and bought periodically. Is there a alternative way to add an IRA without have to do all of that entry? I do not think the financial service I use will allow me to import the data to Quicken as the web site is Wealthscape. Thanks

Boatnmaniac

I'm not sure what you mean by having to do "all of that entry". If you are downloading transactions for the first time from the Financial Institution (FI) the amount of work involved is not all that big of a task because the FI will download all the transactions data for a certain window of time (usually anywhere from 90 days ago up to 2 yrs ago…the FI determines how much they will download). For the opening balances the FI will download an Opening Balance cash balance transaction and Add Shares transactions for the number of shares held as of the opening balance date that was downloaded. The FI will also download specific transactions with all the details that took place after that Opening Balance date. While you will need to review and accept what was downloaded, there is nothing for you to enter.

If you do not care to see and track all of that investments transactions details, you can instead set up your IRA account in Quicken for Simple Investing. This will then track the total shares held of each security, the daily prices for them, the total value held of each security, the amount of cash held in the account and the total value of the account. No specific transactions details will be tracked. If this is what you want to do then:

1. Backup your data file before proceeding.
2. Edit > Preferences > Investments > check the box for Enable Simple investing (track positions only) > OK.
3. After your IRA account is set up: Account Register > upper right Gear icon > Edit Account Details > General tab > select Simple - Positions Only in the Tracking Method box > OK.

Simple Investing can be a good option for retirement accounts because they are either tax deferred (meaning nothing is taxed until there are distributions and the distributions are taxed as normal income) or they are tax exempt (like Roth accounts). In either case, there are no capital gains/losses or interest/dividends that need to be tracked for tax reporting. But if you want to track all that detail, then stay with Complete Investing.

Note that if you do opt for Simple Investng you can later switch to Complete Investing (tracks all transactions) but that is a foward looking change, only. That means that historical transactions (as of the date you switch to Complete Investing) will for the most part not be available in Quicken. So if you think you will want to track all investment transactions at any time, then it is probably best not to go the Simple Investing route.

Did this answer your question?

Boatnmaniac

I'm not sure what you mean by having to do "all of that entry". If you are downloading transactions for the first time from the Financial Institution (FI) the amount of work involved is not all that big of a task because the FI will download all the transactions data for a certain window of time (usually anywhere from 90 days ago up to 2 yrs ago…the FI determines how much they will download). For the opening balances the FI will download an Opening Balance cash balance transaction and Add Shares transactions for the number of shares held as of the opening balance date that was downloaded. The FI will also download specific transactions with all the details that took place after that Opening Balance date. While you will need to review and accept what was downloaded, there is nothing for you to enter.

If you do not care to see and track all of that investments transactions details, you can instead set up your IRA account in Quicken for Simple Investing. This will then track the total shares held of each security, the daily prices for them, the total value held of each security, the amount of cash held in the account and the total value of the account. No specific transactions details will be tracked. If this is what you want to do then:

1. Backup your data file before proceeding.
2. Edit > Preferences > Investments > check the box for Enable Simple investing (track positions only) > OK.
3. After your IRA account is set up: Account Register > upper right Gear icon > Edit Account Details > General tab > select Simple - Positions Only in the Tracking Method box > OK.

Simple Investing can be a good option for retirement accounts because they are either tax deferred (meaning nothing is taxed until there are distributions and the distributions are taxed as normal income) or they are tax exempt (like Roth accounts). In either case, there are no capital gains/losses or interest/dividends that need to be tracked for tax reporting. But if you want to track all that detail, then stay with Complete Investing.

Note that if you do opt for Simple Investng you can later switch to Complete Investing (tracks all transactions) but that is a foward looking change, only. That means that historical transactions (as of the date you switch to Complete Investing) will for the most part not be available in Quicken. So if you think you will want to track all investment transactions at any time, then it is probably best not to go the Simple Investing route.

Did this answer your question?

gpt

Thank you for your response. While your response did not lead me directly to the answer I was seeking, through trial and error I was able to connect to Wealthscape and of the stock holdings downloaded and reconciled to the statement. I can see how this works now. I thought Wealthscape would not allow such a connection but I was apparently wrong. I;m not sure if JP Morgan Chase will be as easy since they tend to be tight on security but will give them a try as this makes tracking finances so easy.

Ps56k2

with Chase - you will be prompted to log into the Chase online website and "authorize" 3rd party access to your Chase accounts from Quicken… only one time during Quicken account setup.

gpt

That is what happened with Chase although for some reason it captured the value and also a fictitious cash on hand amount whch I reduced to zero.

I tried to link my Bank of America mortgage but have not had much success. Any suggestions? Thanks