457(b) and Roth 457(b) - how to setup when its one "account" from the Fidelity website

mjonis
mjonis Quicken Windows Subscription Member ✭✭✭✭
edited January 20 in Investing (Windows)

OK, work for a state government agency. Our Deferred Compensation (457(b) plan has a regular (pre-tax) and a Roth (post tax) option. I know I can setup these manually (which I have done so), but I can download the transactions via a QFX file from Fidelity (the provider for the plans).

The downside is that there's no way to download two different QFX files (one for the Roth, and one for the pre-tax). So if I download the one file and import into Quicken, it'll plop it all into the same pre-tax account or something.

How best to deal with this (or just 100% manually update the accounts going forward)?

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Do these show as 2 separate accounts at Fidelity? Do you have them set up as separate accounts in Q?

    Which specific "Fidelity", as shown when you do TOOLS, Account List? Fidelity goes by several names in Q.

    How are you initiating that download? And can you be a bit more specific about that "or something"?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • mjonis
    mjonis Quicken Windows Subscription Member ✭✭✭✭

    When I login to the state Deferred Comp website, (it's not Fidelity branded URL, but below the state logo, it'll say managed by Fidelity), it shows up as one Plan. In the singular Plan, there's two separate line items with totals/values (Roth and regular)

    This is not an Online enabled account per se (you cannot download via DC or EWC or EWC+ from Quicken). But I can go into the website and pull up the transaction list and download a QFX file.

    It seems the QFX file is for the entire plan (I had to backup Quicken and test/see what's going on).

    So I guess I have two choices:

    1. Leave one account in Quicken and it'll co-mingle the contributions and mutual fund/ETF purchases (which will muddy the waters, IMO in terms of tax stuff when it comes to that point).
    2. Create another account in Quicken for the Roth, modify the Paycheck contribution (since one is pre-tax and one is post-tax) and then import the QFX file and manually move the transactions into the correct accounts for tax purposes.

    Unless someone has a better way?

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

    Personally, I’d go with #2. Whether to move transactions or delete and manually re-create would depend on number of transactions.

  • mjonis
    mjonis Quicken Windows Subscription Member ✭✭✭✭
    https://community.quicken.com/discussion/comment/20533664#Comment_20533664

    Yes, I was thinking it would be better to keep them separated in Quicken for tax purposes/estimating.

    Thank you!

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