Converting IRA to Roth IRA

Posted by Gary on January 2, 2007, 5:47 pm

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I own some FLPSX in a Fidelity IRA and recently converted some to a
Roth IRA, also FLPSX.

How do I set this up in Quicken? I believe it's the holding FLPSX
whose investment objective gets designated as IRA or Roth IRA. So how
can some of my FLPSX one thing (IRA), the rest of FLPSX be another
(Roth IRA)?

Posted by John Pollard on January 2, 2007, 6:19 pm

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Gary wrote:

> I own some FLPSX in a Fidelity IRA and recently converted

> some to a Roth IRA, also FLPSX.

> How do I set this up in Quicken? I believe it's the

> holding FLPSX whose investment objective gets designated

> as IRA or Roth IRA. So how can some of my FLPSX one

> thing (IRA), the rest of FLPSX be another (Roth IRA)?

I don't think the security is involved. The only time I can
think of, offhand, when the security might matter is in a
conversion from a 401k account where the security held was an
institutional version of an otherwise publicly traded security.
I believe it's the account that matters in your situation.

In your case, I think the difference will be in the way your
withdrawals from the Roth IRA are treated differently than the
withdrawals from the traditional IRA. And I think that
difference can be handled in the setting of the "Tax Attributes"
for the accounts: Traditional IRA withdrawals normally being
taxable (so assign them to the appropriate taxable Tax Form
Line), and Roth IRA withdrawals normally being non-taxable (so
if they are reportable, find a non-taxable Tax Form Line for
them, otherwise, I think, leave the Tax Form line blank) .

--
John Pollard
First initial underscore Last name at mchsi dot com
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Posted by John Pollard on January 2, 2007, 9:48 pm

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John Pollard wrote:

> Gary wrote:

>> I own some FLPSX in a Fidelity IRA and recently converted

>> some to a Roth IRA, also FLPSX.

>> How do I set this up in Quicken? I believe it's the

>> holding FLPSX whose investment objective gets designated

>> as IRA or Roth IRA. So how can some of my FLPSX one

>> thing (IRA), the rest of FLPSX be another (Roth IRA)?

> I don't think the security is involved. The only time I

> can think of, offhand, when the security might matter is

> in a conversion from a 401k account where the security

> held was an institutional version of an otherwise

> publicly traded security. I believe it's the account that

> matters in your situation.

> In your case, I think the difference will be in the way

> your withdrawals from the Roth IRA are treated

> differently than the withdrawals from the traditional

> IRA. And I think that difference can be handled in the

> setting of the "Tax Attributes" for the accounts:

> Traditional IRA withdrawals normally being taxable (so

> assign them to the appropriate taxable Tax Form Line),

> and Roth IRA withdrawals normally being non-taxable (so

> if they are reportable, find a non-taxable Tax Form Line

> for them, otherwise, I think, leave the Tax Form line

> blank) .

It appears that I misinterpreted the op's question.

I believe that Quicken "Investing goals" are designed to reflect
the investing goals of the issuer of the security. The
investing goals of a security do not change just because the
security is held in a different type of account. That is why
the "Investing Goal" is assigned to the security; not to an
account or a transaction.

That is: it does not matter whether one holds a specific bond
fund in a taxable brokerage account, a tax-deferred traditional
IRA account, a tax-free Roth IRA account, a college savings
account, a trust fund ... or anywhere else. The "investing
goal" of the bond fund remains the goal stated by the issurer of
the fund in their prospectus.

--
John Pollard
First initial underscore Last name at mchsi dot com
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Posted by Gary on January 2, 2007, 11:25 pm

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What I'd like to accomplish is to see, in the Investment Center of
Quicken, results sorted into categories such as "Investment", "IRA",
"Roth IRA", "Keogh", "Tax Free", "Other Retirement", etc.

I had tried to use "Investment Goal" as the variable that would make
this categorization, but moving some of FLPSX from an IRA to a Roth
IRA lost the ability, as Investment Goal is, as John points out, tied
to the stock, not to the account.

Is there some way to categorize ACCOUNTS so the Investment Center can
sort results into the kinds of account categories I noted above?

wrote:

>John Pollard wrote:

>> Gary wrote:

>>> I own some FLPSX in a Fidelity IRA and recently converted

>>> some to a Roth IRA, also FLPSX.

>>>

>>> How do I set this up in Quicken? I believe it's the

>>> holding FLPSX whose investment objective gets designated

>>> as IRA or Roth IRA. So how can some of my FLPSX one

>>> thing (IRA), the rest of FLPSX be another (Roth IRA)?

>> I don't think the security is involved. The only time I

>> can think of, offhand, when the security might matter is

>> in a conversion from a 401k account where the security

>> held was an institutional version of an otherwise

>> publicly traded security. I believe it's the account that

>> matters in your situation.

>> In your case, I think the difference will be in the way

>> your withdrawals from the Roth IRA are treated

>> differently than the withdrawals from the traditional

>> IRA. And I think that difference can be handled in the

>> setting of the "Tax Attributes" for the accounts:

>> Traditional IRA withdrawals normally being taxable (so

>> assign them to the appropriate taxable Tax Form Line),

>> and Roth IRA withdrawals normally being non-taxable (so

>> if they are reportable, find a non-taxable Tax Form Line

>> for them, otherwise, I think, leave the Tax Form line

>> blank) .

>It appears that I misinterpreted the op's question.

>I believe that Quicken "Investing goals" are designed to reflect

>the investing goals of the issuer of the security. The

>investing goals of a security do not change just because the

>security is held in a different type of account. That is why

>the "Investing Goal" is assigned to the security; not to an

>account or a transaction.

>That is: it does not matter whether one holds a specific bond

>fund in a taxable brokerage account, a tax-deferred traditional

>IRA account, a tax-free Roth IRA account, a college savings

>account, a trust fund ... or anywhere else. The "investing

>goal" of the bond fund remains the goal stated by the issurer of

>the fund in their prospectus.

Posted by John Pollard on January 3, 2007, 10:06 am

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Gary wrote:

> What I'd like to accomplish is to see, in the Investment

> Center of Quicken, results sorted into categories such as

> "Investment", "IRA", "Roth IRA", "Keogh", "Tax Free",

> "Other Retirement", etc.

> I had tried to use "Investment Goal" as the variable that

> would make this categorization, but moving some of FLPSX

> from an IRA to a Roth IRA lost the ability, as Investment

> Goal is, as John points out, tied to the stock, not to

> the account.

> Is there some way to categorize ACCOUNTS so the

> Investment Center can sort results into the kinds of

> account categories I noted above?

Try prefixing the account names with short text that does the
"categorizing" when the accounts are in alphabetical sequence.
Prefix each Roth IRA with "Roth" for example.

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