transfer funds from bank acct to IRA custodial acct

Unknown
Unknown Member
edited January 2019 in Investing (Windows)
I have a self-directed IRA, set up in Quicken (2003 deluxe) as a cash acct due to rental property income and expenses. I want to transfer the funds from the Bank where the funds are currently to the IRA custodian. How do I do this in Quicken? Cash acct has inc and exp choices only as category. Thank you

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited January 2019
    QWin or QMac?  What country?  What Operating System?

    And, it's a simple transfer from one account to the other.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited January 2019
    After you created an IRA account with the brokerage in Quicken, you can enter the rollover transaction as if it was a cash transfer from bank to brokerage.
    In your Quicken cash account register, in the Category field you enter the name of the brokerage account, enclosed in [square brackets], e.g. [XYZ Brokerage IRA Rollover]
    That will, in Quicken only, create a matched pair of transfer transactions, one in the cash account, one in the new IRA account.
    You still need to authorize the broker to rollover the funds from your bank account, though.
  • Unknown
    Unknown Member
    edited January 2019
    Windows 10, USA
  • Unknown
    Unknown Member
    edited January 2019
    UKR said:

    After you created an IRA account with the brokerage in Quicken, you can enter the rollover transaction as if it was a cash transfer from bank to brokerage.
    In your Quicken cash account register, in the Category field you enter the name of the brokerage account, enclosed in [square brackets], e.g. [XYZ Brokerage IRA Rollover]
    That will, in Quicken only, create a matched pair of transfer transactions, one in the cash account, one in the new IRA account.
    You still need to authorize the broker to rollover the funds from your bank account, though.

    Thank you so much!!
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