Self Directed IRA Account Set Up
Hi, what is the best way to set up a self directed IRA account that is with a trust company that cannot connect for updates?
Answers
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@tamburch I don't think there would be anything special about setting up an offline IRA that is self-directed. Since you are not connected with online services, maybe setting up reminders for all investment income would be helpful. Also, if you have securities that are traded in the open market, prices will updated from the price feed, but if you have brokered CDs, insurance products, or annuities, they will need to be updated manually as those prices usually come though the update file from the financial institution. I would also recommend checking your online account with the company daily or regularly for updates.
The other thing to consider since it is a self-directed (or non-managed) IRA, you may have a "checking feature" with the IRA. If that is the case, then you would want to set up the account on Quicken with "Show cash in a separate checking account".
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Thank you!
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@QuickUserPSP wrote
The other thing to consider since it is a self-directed (or non-managed) IRA, you may have a "checking feature" with the IRA. If that is the case, then you would want to set up the account on Quicken with "Show cash in a separate checking account".
IRAs can not have linked checking accounts in QWin but you can still write checks from the investment register.
Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.
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@Rocket J Squirrel technically cash management accounts can be offered for non-managed IRAs, if they cannot be set up in Quicken is another matter. It depends on if the financial institution offers cash management services. I had cash management accounts for some of my non-managed IRAs, but I eventually got rid of them because I didn't need them. I remember now that I had them set up as separate checking accounts on Quicken. You're right they were not linked checking accounts. (On the previous software I used, they could be).
@tamburch - sorry for the confusion. If you have a non-managed IRA and an associated cash management account at the trust company, you can set up that cash management account on Quicken but it won't be linked to your IRA on Quicken.
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