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QWin 2016: How to add an Annuity account purchased with funds from other investment accounts in Quic

Brian246

I am using Quicken for Windows 2016. I have 5 investment accounts already setup in Quicken that I have had for years. These are setup so I can download the returns on these investments. I recently purchased an annuity with some of the funds in each of those accounts. How do I add the new annuity to Quicken using the funds from the other accounts. I need to know what type of account to use, and I have not found a way to transfer the funds to the new account.

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Jim_Harman

If you are downloading transactions on the old accounts, you should see Withdraw transactions where the cash left those accounts. Change each Withdraw to a Cash Transferred Out of Account and select the new annuity account as the destination.

Brian246

Thanks for the quick response. Could you also tell me what type of account I should use to create the new account? Would that be a brokerage account, or IRA etc? I would assume I leave the initial balance 0 so I can then transfer in the money?

Jim_Harman

Usually it would be a brokerage account.

Yes, set the initial balance to zero. The transfers will bring in the cash, then you buy the annuity with the cash

J_Mike

Usually it would be a brokerage account.

Yes, set the initial balance to zero. The transfers will bring in the cash, then you buy the annuity with the cash

For my annuity, I use a Brokerage account with the setting 'Tax Deferred' checked.

Brian246

I just wanted to reply back to say thanks. Your suggestion worked perfectly. I'm all set.