Trump Accounts

Question

Are you going to add option for creating Trump account in Quicken? There was a question about this earlier and the thread closed. I am not as concerned about downloading information — BUT I am concerned that Quicken does not offer the account type for this situation. I tried to open as an IRA but that only allows myself or my spouse as an option. I don't want to put as a savings since that creates tax implications. Please consider updating the Quicken program to allow selection of Trump account as an option under investments.

Chris_QPW · Answer

To get the developers to create a CRA account type you need to create an idea on and hope that 50 people will vote for it and get it submitted to the Quicken developers for consideration.  Go to the Home page and select New Post → New Idea.

Personal, I think it is waste of time.  As @Sceptic said you can just create a Brokerage account and set it as "Tax deferred".

I don't think people really get that the "account type" is mostly window dressing.  Quicken really doesn't do that much with this setting, and it certainly isn't setup to prevent people from doing "the wrong thing".  The CRA accounts have all kinds of rules, and I just don't see how Quicken is ever going to be the "gatekeeper" for that.

On other hand, I don't see anything in using a Brokerage account that is marked as tax deferred that would prevent someone that is following the rules to record it in Quicken.  BTW off the top of my head, I can think of a single thing different between how Quicken treats a traditional IRA account and a brokerage account that is marked tax deferred.

But I have one more thought on this.  This account is the child's, and it becomes the child's traditional IRA account at 18.  As such, one might consider just putting this in another Quicken data file for the kid, and make it a "self" traditional IRA account type.

Sceptic · Answer

Until Quicken adds specific support, the closest workaround may be to create the account as a Brokerage account (or Other Investments, if manually tracked), rename it to identify it as a Trump Account, and, if appropriate, mark it as tax-deferred in Account Details.

Instead of the politically charged "Trump Account", Quicken might consider more neutral alternatives -

Best user-friendly option: Child Retirement Account

Best technically accurate option: Custodial IRA for Minors or Minor IRA

Best future-proof option: 530A Account (if that remains the official tax code designation)

Palace · Answer

I've heard about Trump Account, but don't know much about them. Seems to me if they are on the market and can be connected to Quicken; they should be accessible to Quicken users. That would go for Biden Account, Obama Account, Truman Account, Kennedy Account, etc. etc. if those President's had chosen to implement one in their name. Using the sense the Lord gave me, it could be they are considered 'too political' for Quicken? Just guessing? 😉