Quicken Doubles Amount in Roth IRA

04takamaz

I have recently funded a new Roth IRA through Fidelity. I've tried deleting and readding the account several times, and when it is added as a new account, Quicken first shows the correct balance in the Add Account screen, but once I actually add it, the balance is doubled. The only advice I've seen does not appear to be an option, at least on Mac, as it will only allow me to do "Simple" syncing with Fidelity, so there are no transactions to delete to get the balance correct. How do I get this fixed?

jacobs

@04takamaz I don't have accounts with Fidelity, but I know many here do — and it should be possible to get Detail tracking. Is there more than one Fidelity option when you click to add the retirement account?

Boatnmaniac

@04takamaz - You might find this thread helpful.: New Fidelity connection requirements. As alluded to by @jacobs, selecting the correct Fidelity download connection option is critical to getting DC and Complete Tracking. This referenced thread says that for QMac you need to select the Fidelity Investment Mac connection setup link option….do not use the Fidelity - Investments and Retirement Accounts connection setup link for any investment account where you want to have Complete Tracking which shows all transactions details.

Boatnmaniac

@04takamaz - Once you get your account set up with Complete Tracking and if you are still finding that the account value is incorrect, check to see if it shows you are holding any Core Account money market fund (MMF) shares. There should be no holdings of your Core Account MMF in your Roth IRA account in Quicken. Instead, the value of those shares should be reflected in the account's Cash Balance.

The most common MMF used for the Core Account is SPAXX but it could be one a couple of others. If you do not know what MMF is your Core Account, log into your online Fidelity.com account and click on the Positions tab for that account. the very first in the securities that are listed should be the Core Account. Click on that Core Account to see which MMF is the one you are using.

Then compare the total value of your Core Account on that tab to the amount of "Cash" shown on the Balances tab. They should be equal. Fidelity should be downloading the Cash value shown on that Balances tab to Quicken, not the shares of the MMF.

If you are showing both shares of your Core Account MMF and a Cash Balance in this account in Quicken that is causing a duplication of value. Post here if that is the case. I can walk you through the steps of what you need to do to eliminate that duplication of value.