Negative Investment amount in closed 401k

Question

Recently I rolled my 401k from one institution to another. My current institution has the correct balance, but the original institution has a large negative balance ("securities value"). is there a way to offset that to reduce the amount to zero, and close the account?

Frankx · Answer

Hi again,

Assuming that you are indicating that the SoldX transaction type appears in the old account, that would indicate that the shares in the old account were  sold and then the proceeds were transferred to the new account.  So it supports the scenario that the transfer transaction was effected twice in the old account - which would cause a negative balance in that account.  You should look in the old account for two different transactions that sold the shares and delete the one that only affects that old account (i.e. one that only sells the shares and doesn't have a connection (think transfer or somethings similar) to the new account.

Frankx

schweitz6357 · Answer

I cant tell you the exact method, but all transactions were originally downloaded directly from the the original account website via updates. The action column says "soldx" as the type of transaction.

Frankx · Answer

Hi @schweitz6357

We'll need some more information in order to help you.

Please tell us how you effected the account roll-over in Quicken.  For example, did you use the "Move Investment Transactions" feature, or the "transfer shares" feature, or something else, like "Sell - shares sold"?  If you now have a "large negative balance" in the old account in Quicken, you likely made entries that were incorrect, so the way to fix that would be to restore a backup file from prior to when you attempted the transfer(s).

There are a couple of ways to effect an account transfer, and if you are now seeing a  "large negative balance ("securities value")" in the old account, but are seeing correct data in the new account you may have made duplicate "transfer out" entries in the old account.

Get back to us and we'll go from there.

Frankx