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Author
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Topic: IRA rollover account
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BillBMay
Member
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posted 05-09-2001 09:54 PM
 
I previously had a 401K plan in which I had used the General Journal to
record the bottom line gains and losses (no tax effect). I have rolled this
over into an IRA with a Scwhab IRA account. I have four mutual funds plus
money market in the IRA. I would like to keep track of the performance of
each of the securities, plus sales and purchases. I have placed the IRA
Rollover money market as well as the securities in the IRA subcategory of
Retirement/deferred assets category. I'm not sure this is the correct way
to handle this. Any suggestions would be appreciated. Thanks in advance,
Bill May
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John
Administrator
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posted 05-11-2001 11:21 AM
Yes, treat them as any other investment. But put them in the Chart of accounts where you want them under retirement assets.
Verify the format type is IRA/Keogh Securities(24).
Verify the tax code is IRA Account 1040.
This is normally assigned when the account is put under IRA retirement assets.Now any investments will be prompted for acquired investment. Any sales will be prompted with sold investment. But the sales will not appear on schedule D since there are IRA accounts. Also look at the sample data, it has an example of a mutual fund in the IRA account.
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