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IRA's & new accounts, what a mess!!!

Reed Welch

With Schwab, I recently set up a new traditional and a Roth Account. Purpose to be given later. And transfered roughly 50% fo my current assets to the new account, did not liquidate anything. Updated Q and it was a mess, not placing blame, just expressing frustration. My Schwab site shows the movement rather clearly, but for some reason Q is showing multiple (over 100) transactions from and to. What the heck is going on???? With the new age of AI I expected better results and maybe some minor clean up, but this is unacceptable.

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R1456

So, you added a new Traditional IRA account at Schwab; and you also added a new Roth IRA at Schwab? (2 new accounts?)

When you say you transferred 50% of your current assets, from what account — to what account?

My guess is that Schwab has a lot of movement behind the scenes; even though you didn't liquidate investments there is probably a going-out and a coming-in transaction for every security for both accounts.

Also, you're giving AI too much credit — if you're expecting better results. 😀

Jon

I don’t know your investment history, but is it possible that Quicken is showing each individual lot that was transferred over to maintain cost basis? I know that’s happened to me when I have transferred IRAs in the past, even when the entire account was invested in a single mutual fund.

If you don’t care about tracking that, you could replace all of those individual transfers with a single Remove Shares transaction in the old account and a corresponding Add Shares transaction in the new one. I wouldn’t do that in the taxable account since it would throw off your capital gains and tax reports when you eventually sell, but for the IRA you don’t really need those.

Reed Welch

Jon,

I have come to the same conclusion.
Schwab and Q are doing what they can to track individual lots.
Haven’t done any clean up yet, but leaning towards consolidating lots into a single transaction (remove and then add shares