How do I make 'Realized Gain/Loss' not show under income?
I recently rolled over my 401k from one institution to another. The sell transactions from the old institution are recording realized gain/loss as they cut the check to the new institution. I understand this is useful information in certain situations, but in my case, I will not be taxed as it was a rollover. It's drastically impacting my net income view in Quicken. Is there a way I can turn off the realized gain/loss portion of the sales? I'm not seeing any separate transactions in Quicken, but rather it looks to be hidden in the lots of the sale perhaps.
Best Answer
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What do you mean by "net income view"? If you're talking about the Income & Expense panel on the dashboard, you can exclude your 401K from that panel by clicking on the circle with three dots in the upper right, selecting the Accounts tab, and deselecting your 401K.
If you're seeing that somewhere else, let us know where & we can try to find a solution.
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Answers
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What do you mean by "net income view"? If you're talking about the Income & Expense panel on the dashboard, you can exclude your 401K from that panel by clicking on the circle with three dots in the upper right, selecting the Accounts tab, and deselecting your 401K.
If you're seeing that somewhere else, let us know where & we can try to find a solution.
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Depending on the complexity of your 401k, you might want to delete the sell and buy transactions which were downloaded, and record them the "right" way in Quicken: instead of Sell transactions which, as you note, it create a taxable event, you want instead Remove Shares transactions in the old account, and Add Shares transactions in the new account.
The only (possible) problem with entering one Remove Shares transaction and Add Shares transaction for each security is that you may have acquired them at different times, and things like reinvested dividends can affect your cost basis. But Quicken Mac has a nice feature to handle this for you automatically. Create a new transaction in the original account, and from the Type dropdown menu, select Transfer Shares. Enter the date this transfer took place, click the radio button to Transfer All Securities, select the new account to transfer to, and click Save. Quicken will create a Remove Shares transaction in the old account to zero out each security, and in the new account, it will create a series of Add Shares transactions with a Date Acquired date matching each Buy and Reinvested Dividend/Capital Gain transaction in the old account.
Quicken example: let's say you purchased 100 shares of XYZ on 1/1/2015 and each subsequent year on January 1 you had a reinvested dividend of 7 shares of XYZ, for a total of 163 shares today (100 + 9 years * 7 shares = 163 shares). Using Transfer Shares, Quicken would create one Remove Shares transaction for the 163 shares in the old account, and it would create 10 Add shares transactions (100 then 9 years of 7) in the new account showing the correct Date Aquired for each. Preserving the original acquisition date is useful in non-retirement accounts, because when you sell shares, you might choose to sell the oldest first or the newest first or some other tax strategy. In a 401k account, the cost basis isn't needed, so this is overkill for what you need, but you still might like having this accurate recording of your transactions for analyzing the returns on your investments over time.
Quicken Mac Subscription • Quicken user since 19931 -
This is exactly what I needed. Thank you!
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