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Posted by Andrew on April 4, 2008, 7:46 am
Please log in for more thread options Han wrote:
>
>> OK - let's see. I searched the archives, and see some discussion
>> about this that Han and I had about 7 years ago (!) with some others,
>> but I don't think it was ever resolved fully. At the time, for me,
>> it was academic; not now!
>>
>> My wife ended her 'career' at a small company, and rolled over her
>> qualified plan retirement account to her IRA. So far, so good.
>>
>> But how to do this in Quicken such that:
>>
>> 1) Q doesn't think we owe taxes on any of the amount of a presumed
>> 'sale' (although since both accounts are 'retirement', that shouldn't
>> occur) if I used export to Turbotax or tax reports within Quicken
>>
>> 2) Q doesn't think that the additional $ being introduced into the
>> IRA are part of a 'contribution' for a particular tax year.
>>
>> I tried a SELLX, but Q wants me to tell it which year (2007 or 2008)
>> it is supposed to be credited to in the IRA account. Answer -
>> NEITHER! It's a rollover!
>>
>> Apparently I *can* do a SHRS ADDED in the retirement account without
>> being prompted for a tax year contribution value, but that doesn't
>> debit the cash introduced from the SELLX.
>>
>> Maybe a REMOVE SHARES from the original qualified plan retirement
>> account and a SHRS ADDED in the IRA with appropriate memo entries -
>> although this doesn't link the two transactions automatically.
>>
>> Does Q understand what a 'rollover' is? I'm surprised that's not an
>> option in the ACTIONS field. I wonder if it is possible to do this
>> and satisfy both '1' and '2' above?
>>
>> Most curious.
>>
> Sorry, those brain cells have atrophied. I don't remember the
> discussion you refer to, Andrew. And I am too lazy to go look for
> it. The mentioned transfer of shares seems to be the thing to do.
> Although not exactly a question of taxes, but more of Quicken, you
> could pose your question in misc.taxes.moderated. Since the group is
> moderated posting is not as fast as it is here, and it might take a
> few days for the answer to come up.
Yeah, I forgot about posting comments in the original thread as well! This
is assuming that the poster is you - it was a "Han" with use of a last name
starting with B?
But this really is a Quicken question 100%. From the 'official' tax side of
things, there's absolutely no problem. It's more a recording problem in Q.
The problem I have is having Quicken incorrectly dealing with the rollover
as some of additional contribution in a specific tax year when it isn't
without having to go through shenanigans to 'make it work'. Such as
entering TWO transactions since a SELLX doesn't seem to cut it. Again, I
would think one of the drop down action items allowable in a so-called
'retirement account' ('ROLLX'??) should be simply to transfer the net value
of shares from one account to the other without forcing one to pick a tax
year to attribute the new funds introduction to.
Tomorrow (Sat) when I have some more time I will try the suggestions that
our other friends provided earlier in the thread after my OP.
--
-------------------------------------------------------------
Regards -
- Andrew
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