Differences between IRA account and tax-deferred account?

Quicken Generic UserQuicken Generic User Member ✭✭✭✭
edited December 2018 in
I have a mutual fund set up as a tax deferred account.  When I look at the Summary Page, under Account type, I am asked if I want to convert this to a 401k or IRA account.  It is currently listed as a teax-deferred investment.I can't find anything in help to tell me how Quicken would handle this differently than it does for my current account type. What are the implications if I do convert this to an IRA account (actually, it is a Roth IRA)?  Pros and Cons?Thanks,Karl

Comments

  • jr7107jr7107 SuperUser ✭✭✭✭
    edited December 2018
    > I have a mutual fund set up as a tax deferred> account.  When I look at the Summary Page, under> Account type, I am asked if I want to convert this to> a 401k or IRA account.  It is currently listed as a> teax-deferred investment.> > I can't find anything in help to tell me how Quicken> would handle this differently than it does for my> current account type. > > What are the implications if I do convert this to an> IRA account (actually, it is a Roth IRA)?  Pros and> Cons?There is an implication if you are downloading from your financial institution. As an example, Fidelity NetBenefits will not show up in the FI list if the account is not a 401k account type.If the account is a Roth account, then it is a tax deferred account.--JRMore details and specifics are always helpful to eliminate the need for assumptions in the response.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Quicken Generic UserQuicken Generic User Member ✭✭✭✭
    edited July 2016
    > > I have a mutual fund set up as a tax deferred> > account.  When I look at the Summary Page, under> > Account type, I am asked if I want to convert this> to> > a 401k or IRA account.  It is currently listed as> a> > teax-deferred investment.> > > > I can't find anything in help to tell me how> Quicken> > would handle this differently than it does for my> > current account type. > > > > What are the implications if I do convert this to> an> > IRA account (actually, it is a Roth IRA)?  Pros> and> > Cons?> > There is an implication if you are downloading from> your financial institution. As an example, Fidelity> NetBenefits will not show up in the FI list if the> account is not a 401k account type.> > If the account is a Roth account, then it is a tax> deferred account.> --> JR> More details and specifics are always helpful to> eliminate the need for assumptions in the response.JR,1.  I do not download anything.  2.  It is already a tax deferred account (Roth IRA), just not assigned as an IRA within Quicken.  I have it defined as a single mutual fund account that is tax deferred.  What I am curious about, is if I do assign it as anIRA, how will Quicken handle it or use it that is different than if I just leave it a Single Mutual Fund, tax deferred account?
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    edited October 2018
    Make a copy of your Quicken "file" and try it both ways. If you don't like the new result, just revert to your old file.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win7 Pro & Win10 Pro.
  • jr7107jr7107 SuperUser ✭✭✭✭
    edited December 2018
    > JR,> > 1.  I do not download anything.  > 2.  It is already a tax deferred account (Roth IRA),> just not assigned as an IRA within Quicken.  I have> it defined as a single mutual fund account that is> tax deferred.  > > What I am curious about, is if I do assign it as> anIRA, how will Quicken handle it or use it that is> different than if I just leave it a Single Mutual> Fund, tax deferred account?As far as I can tell, Q handles the tax deferred accounts with very little difference from the brokerage accounts. The single MF accounts are inflexible, and I cannot justify their existence in any way shape or form. I advise not to use them at all.Attempt changing the account type in a test bed.And, just as a point of etiquette as you are new, posting reward points for every post then not awarding them is poor forum etiquette. I just noted you have done it several posts in a row. I think you will find posters generally respond to any problem with or without points with concise and accurate responses.--JRMore details and specifics are always helpful to eliminate the need for assumptions in the response.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Quicken Generic UserQuicken Generic User Member ✭✭✭✭
    edited July 2016
    > > JR,> > > > 1.  I do not download anything.  > > 2.  It is already a tax deferred account (Roth> IRA),> > just not assigned as an IRA within Quicken.  I> have> > it defined as a single mutual fund account that is> > tax deferred.  > > > > What I am curious about, is if I do assign it as> > anIRA, how will Quicken handle it or use it that> is> > different than if I just leave it a Single Mutual> > Fund, tax deferred account?> > As far as I can tell, Q handles the tax deferred> accounts with very little difference from the> brokerage accounts. The single MF accounts are> inflexible, and I cannot justify their existence in> any way shape or form. I advise not to use them at> all.> > Attempt changing the account type in a test bed.> > And, just as a point of etiquette as you are new,> posting reward points for every post then not> awarding them is poor forum etiquette. I just noted> you have done it several posts in a row. I think you> will find posters generally respond to any problem> with or without points with concise and accurate> responses.> --JR - First, thanks for the etiquette point.  I was assigning points simply as an etiquette from me for anyone who would answer.  I thought they would be awarded automatically to anyone who answered.Not finding anything in help on how to actually reward them, I am guessing I have to click on the reward star in the reply to actually give those points?My apologies to everyone who has responded in any previous posts.  I will have to go back and check them out.Regarding the testing scenario, I thought of that, but was afraid it would take a fair amount of time to determine the differences and that would mean maintaining two versions.  I will think about that again.      Karl   > JR> More details and specifics are always helpful to> eliminate the need for assumptions in the response.
  • jr7107jr7107 SuperUser ✭✭✭✭
    edited December 2018
    > Regarding the testing scenario, I thought of that,> but was afraid it would take a fair amount of time to> determine the differences and that would mean> maintaining two versions.  I will think about that> again.      I was thinking more along the lines of copying the valid file into a test bed, then attempt to change the account type. Test adding transactions and see if it plays nice. Then make the call whether you can use it long term.I have made account type changes, but never from a SMF type account.--JRMore details and specifics are always helpful to eliminate the need for assumptions in the response.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
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