How to consolidate two IRA rollovers into a single new IRA brokerage account (edit)

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aLfGordon
aLfGordon Member ✭✭
edited July 2023 in Investing (Windows)

I just did housekeeping. I consolidated two rollover IRA accounts at a brokerage to a newly created single account at the same firm. What is the best way for Quicken to keep all the past history on each and move all the holdings in each so that they reflect in the newly created account? I assume that the brokerage (which talks to my Quicken during "One step update") will show the transfer - or will it? Do I need to do anything on my end?

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  • UKR
    UKR SuperUser ✭✭✭✭✭
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    I would suggest that you start with creating the new brokerage account as an OFFLINE investment account with a $0.00 balance. Do not download transactions into the new account!

    After creating a backup of your Quicken data file …
    In the old investment account select the the Enter Transactions button and then select "Shares Transferred between accounts". Select to transfer all securities (includes any cash balance) from old to new account.
    Once you click Enter/Done sit back, relax, don't panic if you hear a lot of cha-ching noises. Let Quicken generate transactions in both accounts for all lots of all securities which you currently hold, to reestablish the holdings history in the new account and zero out the old one.

    When the new account has been created, both in Quicken and at the brokerage where it shows all transferred securities, you can activate the new account for downloading. That should compare holdings and, hopefully, not show any mismatches.

    You can now disconnect/deactivate the old accounts in Quicken. Optionally hide them and/or mark them as closed.

  • aLfGordon
    aLfGordon Member ✭✭
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    Thank you… Excellent advice

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