Cash Transfer between IRA Accounts

SeaStar
SeaStar Member ✭✭✭✭
edited January 13 in Investing (Windows)

I closed one Traditional IRA (Acct A) and opened another Trad IRA (Acct B) as its replacement for a different management strategy. The transfer between accounts worked easily and effectively for stocks and mutual funds. But I also need to transfer Cash position from A to B. That’s where an effective approach to enter these transactions is elusive

When transferring mutual funds and stocks from "A," I used Remove Shares in Investment Transaction field and things worked good. The same process to transfer Cash position did not. Cash Transferred out of Account (XOut) "A" defaults to Cash Transferred into Account (XIn) "B." But Q problematically shows the transaction as ContribX and requires Tax Yr of Contrib even though it's a cash transfer between IRAs. I also tried Transferring Shares Between Accounts but a Security name is required. Cash transfer is not an option.

The best reference I found so far is Entering Transfers Between IRA Accounts — Quicken and improvement idea/suggestion, Why is there no "rollover" selection for transactions in IRA accounts? — Quicken. Feedback welcomed.

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Comments

  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭

    The best reference I found so far is Entering Transfers Between IRA Accounts — Quicken 

    I still recommend that approach.

  • mshiggins
    mshiggins Quicken Windows 2017 SuperUser ✭✭✭✭✭

    If all securities and cash are transferring to the new IRA, I would be inclined to just rename the old IRA account to the new IRA account name and enter a reminder transaction in the account with the date of the transfer. Assuming the account is enabled for transaction downloading, you can disable online access for the old IRA, update the financial institution if required, and add transaction downloading for the new IRA.

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the Quicken Windows FAQ list

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