7

I recently rolled over an old 401k to an existing Rollover IRA I have. I'm not sure how to enter this into Quicken though. I tried a few ways with the following results:

  • Sell the stock in the 401k account and transfer to the Rollover: This triggers an IRA contribution tax event, which messes up my Tax Planner.
  • Transfer the stock in the 401k to the Rollover IRA and then sell it inside the Rollover: This is what I'm doing for now, but it looks like my net worth is overvalued by the amount of my rollover (it looks like I gained money out of nowhere)
  • Hide the 401k account and create a Deposit of the rollover amount in the IRA: This looked correct in my reports, but it feels like I'm creating money out of nowhere again.

Has anyone found a better way to do this?

Chris W. Rea
  • 31,999
  • 17
  • 103
  • 191
zippy
  • 407
  • 2
  • 4
  • 8

2 Answers2

1

When I did this I sold the stock out of my 401k account. Then transferred the cash to my rollover IRA account. No tax event was created for me. Make sure your rollover IRA account is listed as tax deferred. If this still doesn't work for you then it could be a bug in Quicken and your best bet is the Quicken forums. Good luck.

mpenrow
  • 3,537
  • 1
  • 22
  • 27
0

You definitely should NOT do what you are doing now (#2) since this is not a reflection of what actually is going on. (Unless you actually did transfer the equities themselves and not the cash.)

Your first option is correct solution. As noted by mpenrow you need to make sure that the target account is also tax deferred. If that still doesn't work and there is a bug you should still do it this way anyway. If it messes up your tax planner just make sure to include a comment so that everyone knows what is really going on.

When I have had issues like this in the past I always try to stick to whatever is the closest indication of what actually occurred.

Justin Ohms
  • 889
  • 3
  • 9
  • 16