529 Conversion

Posted by mhsherman461 on November 29, 2008, 12:13 pm

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I have had 529 plans for my kids for several years as investments
accounts. I just got QW (H&B) 2009 and now I see that there are 529
accounts as a type. However, I can I figure out a way to export the
existing investment account and import the data as a 529 account.

Am I SOL? Do I need to type in all the data? Is there any real
advantage to having a 529 type account?
TIA

Posted by John Pollard on November 30, 2008, 1:11 pm

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mhsherman461@gmail.com wrote:

> I have had 529 plans for my kids for several years as

> investments

> accounts. I just got QW (H&B) 2009 and now I see that there

> are 529

> accounts as a type.

> However, I can I figure out a way to export the

> existing investment account and import the data as a 529

> account.

Backup. Export to a QIF file. Create new Quicken 529 account.
Import QIF file to new 529 account. "Reconcile". Delete old
Quicken 529 account.

http://tinyurl.com/2qk6wk

> Am I SOL? Do I need to type in all the data?

> Is there any real advantage to having a 529 type account?

Good question. It's not clear to me that there is currently any
compelling reason to have a Quicken 529 account.

You can include other account types in the College Planner. And
downloading seems to be controlled by what the fi offers, rather
than what the Quicken account type is.

One area about which I have no knowledge is the export of data
for Turbo Tax etc.

I don't have any real-world 529 accounts, so the above is just
my quick take on the subject. And I believe it's possible that
Quicken may evolve, in later versions, to placing more
importance on the 529 account type.

--

John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by mhsherman461 on December 4, 2008, 11:32 am

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>> Backup. =A0Export to a QIF file. =A0Create new Quicken 529 account.

> Import QIF file to new 529 account. =A0"Reconcile". =A0Delete old

> Quicken 529 account.

> http://tinyurl.com/2qk6wk

> > --

> John Pollard

This works. I did have some troubles with duplicate/ghost transfers
that had to be manually deleted. I found that was reduced if I
created the new account and "recategorized" all the transfers to the
new account first and then did the export/import for all the buy/sell/
income transactions.

P.S. Intuit should be ashamed for making us have to do this.

Posted by JCO on December 4, 2008, 6:45 pm

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I'm interested in this too, but I can't get the import to work.

There's a dropdown menu that states:
Quicken account to import into:

I don't know what to put in this dropdown. Seems that the new account
(529) should be listed in the dropdown but it is not.
Thanks

> mhsherman461@gmail.com wrote:

>> I have had 529 plans for my kids for several years as investments

>> accounts. I just got QW (H&B) 2009 and now I see that there are 529

>> accounts as a type.

>> However, I can I figure out a way to export the

>> existing investment account and import the data as a 529 account.

> Backup. Export to a QIF file. Create new Quicken 529 account. Import QIF

> file to new 529 account. "Reconcile". Delete old Quicken 529 account.

> http://tinyurl.com/2qk6wk

>> Am I SOL? Do I need to type in all the data?

>> Is there any real advantage to having a 529 type account?

> Good question. It's not clear to me that there is currently any

> compelling reason to have a Quicken 529 account.

> You can include other account types in the College Planner. And

> downloading seems to be controlled by what the fi offers, rather than what

> the Quicken account type is.

> One area about which I have no knowledge is the export of data for Turbo

> Tax etc.

> I don't have any real-world 529 accounts, so the above is just my quick

> take on the subject. And I believe it's possible that Quicken may evolve,

> in later versions, to placing more importance on the 529 account type.

> --

> John Pollard

> First initial underscore Last name at mchsi dot com

> Please reply to newsgroup

Posted by mhsherman461 on December 5, 2008, 11:29 am

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> I'm interested in this too, but I can't get the import to work.

> There's a dropdown menu that states:

> Quicken account to import into:

> > - Show quoted text -

Read John's instructions more carefully. If you put in the first 4
lines correctly, it imports directly into the account you tell it.
You don't get to the drop-down menu at all. Not letting you import
into into investment accounts is what Intuit intended, presumably for
some reason other than just to abuse their customers.