How to set 401k as Roth type?

mikek753b · February 2022

hi,

I don't see an option in 401k to set it as Roth type.
I see only 401k and if it's tax deferred or isn't.

Should I for 401k Roth to use IRA Roth?
if that is only option to use IRA instead of 401k?

how to convert existing 401k into IRA?

thanks

Jim_Harman · February 2022

Do you have one 401(k) account that has a mixture of traditional and Roth holdings, or is it 100% Roth?

And are you downloading transactions into this account or entering them manually?

Quicken 401(k) accounts have some additional settings in the account details that are not available for IRAs. It is not clear to me if or how these settings affect functions elsewhere in Quicken. They might, for example, affect how the account is treated in the Lifetime Planner or the Paycheck Wizard. Because of this it may be safer to keep the account as a 401(k), especially if you are downloading transactions.

Unfortunately Quicken does not currently have any support for Roth 401(k)s. For a further discussion of these issues and to vote for improvements and see some workarounds, please see this Idea discussion.
https://community.quicken.com/discussion/7905566/add-support-for-roth-401-k-s

mikek753b · February 2022

hello Jim,

thanks for the reply.
Yes, I voted for both you proposals.
There are more Roth related, pls. vote for those
https://community.quicken.com/discussion/7900348/lifetime-planner-idea-add-roth-conversion-modeling-in-ltp
https://community.quicken.com/discussion/7898294/lifetime-planner-idea-improve-how-roth-iras-are-displayed-and-modelled-in-ltp#latest

yes, I need this account to use LTP (Planner) and 401k Roth isn't tracked there, unless I'm missing something.

I see that LTP only can track IRA Roth correctly - upon distribution 0% taxes, as for 401k there is a tax

in my case, I move manually transactions from Fidelity 401k account, which is plain 401k tax deferred account to new fake account to track Roth portion (securities that are part of Roth Fidelity Source)

But, this fake account was setup as 401k and has many transactions for past 4 years

I assume there is no 401k Roth in current Quicken - is it?
then my option is to use IRA Roth account type IMHO

how do I convert 401k quicken account type to IRA Roth?

Should I create new IRA Roth for this matter and move all transactions from fake 401k Roth to new IRA Roth and how to do it as a batch move?

thanks
Michael

Jim_Harman · February 2022

OK, so you have a fake account that is currently set up as a 401(k) and only has your Roth transactions in it.

There is currently no way to tell Quicken that this is a Roth account. You could create a new offline Roth IRA account. Then go to the fake 401(k) account click on the gear at the top right. Pick Move transactions move all the transactions from the fake account to the new Roth account. Make a backup first and follow the instructions carefully. For new transactions, move them to the new Roth account instead of the old fake 401(k) account.

How to set 401k as Roth type?

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