Rolling over Ira cash to new broker


J

jo

I'm consolidating my accounts. The cash in the Ira is the problem.
It's held in a money market fund. I can't (and don't want to)
transfer the fund itself since it's part of the first brokerage's
family of funds. I entered a sell of all the shares in the fund, but
once it was cash, Quicken seems to insist that a transfer must be an
Ira withdrawal for this year from the first brokerage and a
Contribution to the second one. I couldn't find a way to get quicken
to treat the cash transfer as a simple move from one brokerage to
another... a roll over, as it did with all the stocks. What's the
right way to do this?

Using Quicken Home and Business 2002.
 
J

John Pollard

jo said:
I'm consolidating my accounts. The cash in the Ira is the problem.
It's held in a money market fund. I can't (and don't want to)
transfer the fund itself since it's part of the first brokerage's
family of funds. I entered a sell of all the shares in the fund,
but once it was cash, Quicken seems to insist that a transfer must
be an Ira withdrawal for this year from the first brokerage and a
Contribution to the second one. I couldn't find a way to get
quicken to treat the cash transfer as a simple move from one
brokerage to another... a roll over, as it did with all the stocks.
What's the right way to do this?
Ahh, the "right way"; I can't tell you that for sure. I definitely
don't understand why Quicken is quite so picky (saving us from
ourselves), but I do have a possible work around; others may have
something even better. This will only work if you transfer cash
between investment type accounts - if you had an IRA at your bank or
credit union, you couldn't use this method to transfer your cash from
an "investment" IRA to your "bank" (credit union) IRA.

Set up a dummy security; name it anything you like, say, "Transfer
Cash Between IRA's" (ticker TCASH?). After you sell your Money Market
fund in the old IRA account, use all the cash to buy shares of TCASH
at $1 per share in the old IRA account. Then "transfer" TCASH to the
new broker and sell it there.
 
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S

Steve W

Hmmm. I'll consider anything at this point! Thanks for the idea.
Quicken is so dumb sometimes. Now I just have to go back and figure
out why there still is a .02 balance in the original fund. These
rounding differences drive me nuts.
Or you could just use ShrsOut instead of Sell for the money fund in the
originating account. Then ShrsIn for the money fund in the new account.
That's what I have done.

If you want to use a cash balance in the new account instead of a money
fund, then set up a dummy security as John suggested and use ShrsIn then
Sell.
 

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