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transferring an IRA to different brokerage firm

I transferred (rolled over?) funds from a traditional IRA I inherited to a different brokerage firm. I use the update transaction feature (download) with both brokerages but quicken entered the transaction as a withdrawal once - and another time (different broker) as 'sold shares'. As said I download transactions online so assume (hope!) that it's done correctly. .. Also when one IRA was completely moved to the new brokerage there was a remaining cash balance?? How to clear that out? ---
Also I have no idea how/why quicken decides/enters the cost it does. it does not match up with my brokerage's statements.... When I take out the RMD that's another issue too - how does quicken come up with the cost? The initial IRA were inherited from my dad.
When I set up for downloading my new brokerages IRA I noticed it did so as a 'brokerage' account and not an IRA... would that make a difference - and how to correct it? That was from TD Ameritrade Institutional division.
I like things to balance correctly but am unsure how to adjust or correct or -?- without messing things up.
Thanks!
Also I have no idea how/why quicken decides/enters the cost it does. it does not match up with my brokerage's statements.... When I take out the RMD that's another issue too - how does quicken come up with the cost? The initial IRA were inherited from my dad.
When I set up for downloading my new brokerages IRA I noticed it did so as a 'brokerage' account and not an IRA... would that make a difference - and how to correct it? That was from TD Ameritrade Institutional division.
I like things to balance correctly but am unsure how to adjust or correct or -?- without messing things up.
Thanks!
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Comments
Unfortunately you can't depend on the accuracy of downloaded transactions when rolling over IRAs.
What happened in real life with these accounts? If you look at the statements (not the downloaded transactions), were the original investments moved directly ("in kind") to the new account, or were the securities in the old account sold (converted to cash), the cash moved to the new account, and then perhaps different securities purchased in the new account?
Thanks for your help.
Taking on an Inherited IRA -- What I recall happened was that the original old-brokerage had to create an Inherited IRA account and do an internal transfer from the deceased's IRA to this new Inherited IRA account. Those assets (securities) were then liquidated and the cash transferred from that old-brokerage account to an Inherited IRA account created at my preferred financial institution. Once the cash came over, I bought my preferred securities. That old-brokerage Inherited IRA account only existed for a few days.
In Quicken, I treated this as one account (Inherited IRA). In that account, I manually created each original holding reflecting the securities involved, their original acquisition dates and cost basis as reported by that original old-brokerage.
- Shares Added on mm/dd/yyyy SecurityX YY-shares acquired xx/yy/zzzz for $Y
I also deposited some 'cash' that had accrued in the deceased's IRA accountNext day, I sold all those shares converting the entire holding to cash.
For some reason (to reflect the real world I suppose), I recorded Withdrawal and Deposit amounts as Cash transactions showing the move from old-brokerage to preferred-brokerage.
Only then did I connect the newly created Quicken Inherited IRA to the financial institution for downloading. That brought in the Deposit transaction (matching the one I had entered) and all the buys I had made in that new account. All those new Buys creates new (and accurate) cost basis information for each holding.
[Note that since this is an IRA account, the cost basis information is not really relevant for any tax purposes. The cost basis of those shares that were transferred went away as soon as you sold and bought new holdings.]
Your 'final' move -- For that situation, if at all possible, I prefer to disable the online connection to the prior brokerage for that Quicken account, and then re-establish the connection of that account to the new brokerage. That keeps you having just one Inherited IRA account in Quicken.
Option B for that final move is to use the Shares Transferred function to move shares from prior-brokerage Inherited IRA account in Quicken to new-brokerage Inherited IRA account in Quicken. If going with that two Quicken accounts setup, I suggest not relying on the financial institution downloads to transfer all the lot and basis details into the newer Quicken account. The Shares Transferred function performas that task better.
HTH