How to set up rollover from TSP to IRA - Q2010

opti1

I'm running Quicken 2010 Deluxe Release R 9 (Windows 7, 10). I don't use any online banking functions in Quicken, all my entries are manual. Currently the Thrift Savings Plan is my only 'investment' account. I created that account in the 'Property & Debt' group many years ago because an investment account seemed like overkill, mainly because the only transactions have been the biweekly contributions from my pay. The only other entries to the TSP account have been the ongoing earnings or losses updates pulled from the quarterly balance statements received from the TSP. I manually do those.

Now I am rolling over the TSP into an IRA. I am confused about how to set that up in Quicken. I want to keep it as simple as possible to maintain.

The rollover process will be for TSP to send a check to my IRA servicer who will then distribute it within the IRA following a strategy similar to what I have in the TSP. My thinking is to create another new IRA account in the Property & Debts group alongside the TSP account and then manually enter the initial transfer transaction from the TSP to the IRA. After that I would follow the approach I have been using with the TSP by manually entering quarterly (or monthly) earnings or losses updates for the IRA into that account.

Would this work? Any thoughts, comments, recommendations?

Also, so far Quicken 2010 has done everything I have needed it to do. But it IS pretty old now. I don't use or need any of the online functions at this point and I don't import from Quicken into TurboTax so I don't need that either. Currently I'm running Quicken 2010 on both Windows 7 and 10. The Windows 7 PC will be retired soon and eventually the Windows 10 PC will need to be updated to Windows 11. Thoughts, comments, recommendations on updating Quicken?

Thanks! 🙂

Boatnmaniac

I do suggest that you upgrade your QWin 2010 Deluxe to QWin 2013 Deluxe. QWin 2013 Deluxe will be 100% manual only just like you are currently using your QWin 2010 Deluxe. It might not be necessary to do this upgrade but eventually QWin 2010 will no longer be compatible with whatever the current Windows version is. QWin 2013 might buy you some additional OS compatibility time. You can download & install QWin 2013 Deluxe for free (no subscription for it…ever) from https://www.quicken.com/support/how-and-when-use-intermediate-version-convert-older-versions-quicken/ . This QWin 2013 file will include the final version release so it should be ready to install and use right off the bat. (Be sure to save a copy of this QWin 2013 Deluxe file so you can easily access it should you ever need to reinstall the software…or to install it on a new computer…in the future.)

If and when you decide to later upgrade to Subscription, your QWin 2013 Deluxe data file will easily be converted to it.

I agree that you should set up a new IRA account for it. And I think your idea to transfer the TSP money to the IRA sounds fine. Doing the transfer category will create a link between the two accounts so you can always track where the IRA funding money came from and when that occurred.

Boatnmaniac

One other suggestion: If you have not done so already, you might want to change the intent of your TSP account from Asset to Retirement. The only thing this will do is move where the TSP account is displayed in the Account List and in the Accounts side bar to the same group where the IRA will be displayed.

I don't really know if QWin 2010 or QWin 2013 allows you to change the intent of an account (that was too many years ago for me to remember) but if it does you should be able to do this on the Display Options tab of Account Details. In Subscription it looks like this:

Boatnmaniac

https://community.quicken.com/discussion/comment/20481525#Comment_20481525

Correct. No changes to any data in the account or how it works. It just changes the position of the account in Account List and in the Account side bar.

BTW, QWin 2013 is the last year before software activation codes were required in order to open and use the software. In 2016 Intuit spun off Quicken. Earlier in the year QWin 2016 needed to be activated on an Intuit server which no longer exists. Later in the year it needed to be activated on a Quicken server but the activation codes for QWin 2016 expired many years ago. Just thought you might want to know that you will never be able to use your QWin 2016 software since it cannot be activated. You can hang on to that 2016 software if you want but I thought you might want to know that you can free up some storage space by deleting it.

Frankx

Hi opti1,

Based on what you have described above, I believe that the steps that you plan to take, with respect to the rollover of the TSP account to a new IRA account, will work for you. As a side comment - I am not sure why you decided to place these accounts in the "Property & Debt" section, but - to quote an old saying "if it ain't broke don't fix it".

Frankx

Boatnmaniac

I do suggest that you upgrade your QWin 2010 Deluxe to QWin 2013 Deluxe. QWin 2013 Deluxe will be 100% manual only just like you are currently using your QWin 2010 Deluxe. It might not be necessary to do this upgrade but eventually QWin 2010 will no longer be compatible with whatever the current Windows version is. QWin 2013 might buy you some additional OS compatibility time. You can download & install QWin 2013 Deluxe for free (no subscription for it…ever) from https://www.quicken.com/support/how-and-when-use-intermediate-version-convert-older-versions-quicken/ . This QWin 2013 file will include the final version release so it should be ready to install and use right off the bat. (Be sure to save a copy of this QWin 2013 Deluxe file so you can easily access it should you ever need to reinstall the software…or to install it on a new computer…in the future.)

If and when you decide to later upgrade to Subscription, your QWin 2013 Deluxe data file will easily be converted to it.

I agree that you should set up a new IRA account for it. And I think your idea to transfer the TSP money to the IRA sounds fine. Doing the transfer category will create a link between the two accounts so you can always track where the IRA funding money came from and when that occurred.

Boatnmaniac

One other suggestion: If you have not done so already, you might want to change the intent of your TSP account from Asset to Retirement. The only thing this will do is move where the TSP account is displayed in the Account List and in the Accounts side bar to the same group where the IRA will be displayed.

I don't really know if QWin 2010 or QWin 2013 allows you to change the intent of an account (that was too many years ago for me to remember) but if it does you should be able to do this on the Display Options tab of Account Details. In Subscription it looks like this:

opti1

Frankx - Thanks for responding. I don't remember exactly why I placed the TSP account in the Property & Debts group. It probably had something to do with my possibly mistaken understanding that the Investments group was more suited to accounts that would have a lot of activity - buying and selling transactions, regular online downloading of that activity to Quicken, etc. - which is not what I would be doing with the TSP. I am prepared to be corrected if that was a misunderstanding on my part. I would be OK with setting up the new IRA account in the Investments group if I can use it the same way I have been using the TSP account in the Property & Debts group.

Boatnmaniac

To clarify: You can enter manual transactions in investment accounts just like you can do in any other type of account. The account register for investment accounts will look different because there are more types of transactions that can be made in investment accounts but the basic capability is the same.

opti1

Boatnmaniac - Thanks for responding. Re updating Q2010 - At some point along the way I downloaded and saved the installation files for Q2013 and Q2016 along with their Mondo(?) files if they had one. I still have all of those including the QW2013DLX file that is mentioned in the article you linked to. So it looks like I am good there.

Thanks also for making me aware of the 'Account intent' detail and that changing that to Retirement will only affect where the account appears in the Account List and won't change anything else. I think I stumbled across that option at some point and was afraid to select Retirement in case it might trigger a bunch of other changes that would create problems. With this information I gather I can tidy up the Account List by changing the 'Account intent' for the TSP account to Retirement without affecting any of the already entered and saved transactions or introducing other new behaviors, correct?

Thanks!

Boatnmaniac

https://community.quicken.com/discussion/comment/20481525#Comment_20481525

Correct. No changes to any data in the account or how it works. It just changes the position of the account in Account List and in the Account side bar.

BTW, QWin 2013 is the last year before software activation codes were required in order to open and use the software. In 2016 Intuit spun off Quicken. Earlier in the year QWin 2016 needed to be activated on an Intuit server which no longer exists. Later in the year it needed to be activated on a Quicken server but the activation codes for QWin 2016 expired many years ago. Just thought you might want to know that you will never be able to use your QWin 2016 software since it cannot be activated. You can hang on to that 2016 software if you want but I thought you might want to know that you can free up some storage space by deleting it.

opti1

Boatnmaniac - Thanks for confirming that changing 'Account intent' will not impact any data in the account. Thanks also for the heads up on it no longer being possible to activate QWin 2016. I guess when the time comes I will just have to update to whatever version of Quicken will be current at that time.