Change IRA to 401(K) account type

Posted by Robert Brennan on December 21, 2006, 11:15 pm

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I use Quicken 2005 and need to change an IRA investment account type to a
401(K) account type. Does anyone one have any ideas on how to accomplish
this task?

I need to get all of the detail transactions to go from the IRA account to
the 401(K) account for performance comparison reasons.

Posted by John Pollard on December 22, 2006, 1:10 am

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>I use Quicken 2005 and need to change an IRA investment account

>type to a 401(K) account type. Does anyone one have any ideas

>on how to accomplish this task?

It can't be done.

> I need to get all of the detail transactions to go from the

> IRA account to the 401(K) account for performance comparison

> reasons.

I don't understand why you think you need to do it. What
performance differences do you expect to see?

The only way to end up with the result you are looking for - in
a nutshell - is to create a new 401k account; export your IRA
transactions to a qif file; import the qif file to the new 401k
account; then delete the old IRA account.

Posted by Robert Brennan on December 23, 2006, 3:36 pm

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John,

The reason I need to do it is because the way the retirement planning
feature is built, it will not let you contribute more than $3,000/year to an
account that is "typed" as an IRA. I assume that if one is "types" an
account as a 401K account the limitations, if any, would be between $14,000
and $20,500 depending on how up to date the software is.

Quicken with Quicken 2005 will not let you import QIF files into investment
accounts. I have tried.

I then researched it and it confirmed my suspicions.

If you have any suggestions I am open.

>>I use Quicken 2005 and need to change an IRA investment account type to a

>>401(K) account type. Does anyone one have any ideas on how to accomplish

>>this task?

> It can't be done.

>> I need to get all of the detail transactions to go from the IRA account

>> to the 401(K) account for performance comparison reasons.

> I don't understand why you think you need to do it. What performance

> differences do you expect to see?

> The only way to end up with the result you are looking for - in a

> nutshell - is to create a new 401k account; export your IRA transactions

> to a qif file; import the qif file to the new 401k account; then delete

> the old IRA account.

Posted by Bob Wang on December 23, 2006, 5:33 pm

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John:

I wouldn't blame JP for getting tired of the "Quicken can't import QIFs"
complaint.

He has patiently explained on numerous occasions how to accomplish the task
with a modicum of text editing.

This is just one of many threads that can be found by searching for "John
Pollard" and "import QIF":

http://groups.google.com/group/alt.comp.software.financial.quicken/browse_thread/thread/9e7ec303eae0b5a8/05006efa6c91e1a7?lnk=st&q=%22John+Pollard%22+%22import+QIF%22&rnum=1&hl=en#05006efa6c91e1a7

"I'll offer you this to get you started.
Assuming that the first record in your current qif file looks
like this:

!Type:Invst

Use a word processor and add the following four records *before*
the first record in your current file.

!Account
NMyInvestmentAccount
TInvst
^

Substitute the name of your Quicken investment account for
"MyInvestmentAccount".

Bob

>>>

Posted by John Pollard on December 23, 2006, 5:48 pm

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> The reason I need to do it is because the way the retirement

> planning feature is built, it will not let you contribute more

> than $3,000/year to an account that is "typed" as an IRA. I

> assume that if one is "types" an account as a 401K account the

> limitations, if any, would be between $14,000 and $20,500

> depending on how up to date the software is.

> Quicken with Quicken 2005 will not let you import QIF files

> into investment accounts. I have tried.

> I then researched it and it confirmed my suspicions.

> If you have any suggestions I am open.

I don't use any of Quicken's planners so I can't give you any
good advice there.

But you might consider upgrading to a newer version of Quicken;
I took a quick look in Q2006 and I think its retirement planner
may allow contributions of more than $3000 per year (maybe
$4500). Maybe Q2007 allows even more. Someone here using those
versions and doing retirement planning might be able to fill you
in with more detail.

As to importing qif files in Q2005 and later versions; luckily
for you, your research was not complete: you can import qif
files into any account type in Q2005, Q2006 and Q2007 ... you
just have to know how to do it. See this post:

http://masl.to/?Q11A5191D

--
John Pollard
First initial underscore Last name at mchsi dot com
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