How do I use a specific price when transferring shares between accounts?

jlukes

I transferred shares between my IRA and my Roth and there's only the four choices available. When Schwab did the transfer they used a specific price which I'd like to enter into my register.

jlukes

Thanks to you both for your very prompt responses. I did as Rocket J Squirrel recommended and was pleased that Q didn't even ask me to specify lots. I had already withdrawn my RMD so there's no tax impact this year, but I wanted the accounting correct for whatever tax impact my heirs may encounter.

Rocket J Squirrel

Having taken your RMD for this year does not exempt you from paying taxes on this additional distribution.

jlukes

Rocket J Squirrel, you are absolutely correct that withdrawal from a traditional IRA is taxable. I had already looked at the tax impact before making the transfer and have now entered it into my other income in my tax planner.

As an excuse for my no tax impact this year comment is that I guess I was focused on ensuring that my Roth entries were exactly correct for the possibility that my heirs will need to deal with that.

Thanks again for your very prompt assistance.

NotACPA

After you make the transfer, go into the security list for each security and set the price there.

BUT, such pricing is really irrelevant as the next quotes download into the account will set a new, as-of-the-download, quote. And, such pricing has nothing to do with your gain/loss on the investment as that's established by your prior buys & sells of each security.

Rocket J Squirrel

This is not a simple "transfer shares" because of the different tax treatments of the accounts. You should enter this as a Sell in the trad IRA, a transfer of the resulting cash to the Roth, and a Buy in the Roth. The IRS wants to tax you on the trad IRA distribution.

NotACPA

@Rocket J Squirrel Good Points. I'd missed the differing acct types.

jlukes

Thanks to you both for your very prompt responses. I did as Rocket J Squirrel recommended and was pleased that Q didn't even ask me to specify lots. I had already withdrawn my RMD so there's no tax impact this year, but I wanted the accounting correct for whatever tax impact my heirs may encounter.

Rocket J Squirrel

Having taken your RMD for this year does not exempt you from paying taxes on this additional distribution.

jlukes

Rocket J Squirrel, you are absolutely correct that withdrawal from a traditional IRA is taxable. I had already looked at the tax impact before making the transfer and have now entered it into my other income in my tax planner.

As an excuse for my no tax impact this year comment is that I guess I was focused on ensuring that my Roth entries were exactly correct for the possibility that my heirs will need to deal with that.

Thanks again for your very prompt assistance.