Imported Roth IRA account comes over as "Investment", not "Retirement"
My broker recently jumped to another company (Morgan Stanley) and I opted to move with him. Once my new accounts were set up, I used the Quicken Classic Delux "Add Account" feature to import them into Quicken. My traditional IRA account came into Quicken as a retirement account, but my Roth IRA account came in as an investment/brokerage account. Morgan Stanley clearly has the account type as "Roth IRA". In a way, this is not a problem, since I don't use Quicken for tax tracking/analysis. Still, it bugs me. Any ideas how to make the Roth IRA a retirement account in Quicken?
Best Answers
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@wbforbes go to Account Details and on the General Tab, update Tax Deferred to "Yes".
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Click on the gear at the top right of the new account. Select Edit account details.
What does it say next to Account type:?
Below that, what is the Tax deferred setting?
On the Display Options tab, what is the Account intent setting?
Based on those answers we should be able to help you change to the proper settings.
QWin Premier subscription0 -
Go to Account Register > upper right Gear icon > Edit Account Details > General tab. Do you see the option that is highlighted in yellow in this picture?
If so, select "Yes" which should (hopefully) add a new button at the bottom of the General tab labeled "Convert to 401k/IRA/529". Click on that button. And the select the IRA option.
Now your account will be set up as an IRA. To change it to a Roth IRA select Roth IRA from the Account Type drop-down and click on OK as shown in the following picture:
The last step to take is to click on Tax Schedule and make sure that the selections are as shown as follows, then click on OK.:
Your account should now be a Roth IRA and treated as a Roth IRA in Quicken.
(Quicken Classic Premier Subscription: R55.26 on Windows 11)
1
Answers
-
@wbforbes go to Account Details and on the General Tab, update Tax Deferred to "Yes".
0 -
Click on the gear at the top right of the new account. Select Edit account details.
What does it say next to Account type:?
Below that, what is the Tax deferred setting?
On the Display Options tab, what is the Account intent setting?
Based on those answers we should be able to help you change to the proper settings.
QWin Premier subscription0 -
Go to Account Register > upper right Gear icon > Edit Account Details > General tab. Do you see the option that is highlighted in yellow in this picture?
If so, select "Yes" which should (hopefully) add a new button at the bottom of the General tab labeled "Convert to 401k/IRA/529". Click on that button. And the select the IRA option.
Now your account will be set up as an IRA. To change it to a Roth IRA select Roth IRA from the Account Type drop-down and click on OK as shown in the following picture:
The last step to take is to click on Tax Schedule and make sure that the selections are as shown as follows, then click on OK.:
Your account should now be a Roth IRA and treated as a Roth IRA in Quicken.
(Quicken Classic Premier Subscription: R55.26 on Windows 11)
1