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Quicken Question
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Posted by triciae (My Page) on Thu, Jan 1, 09 at 17:59
| OK, I'm trying to get all of our finances on Quicken. I feel like an idiot (no comments!).
How do I account for Certificate of Deposits within both an IRA & a 401(k)? The software seems to only track equities. Under "Investments" there's not even an option for "CDs". Am I missing it?
Thanks for any help. Oh, we're using Quicken 2009.
/tricia |
Follow-Up Postings:
RE: Quicken Question
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| I use the very old Microsoft Money 2000. I don't recall the details of options offered during setup, but it likely was simply an investment (retirement) account held at a bank. An accompanying "contribution" account was automatically set up, which isn't needed for a CD so I basically ignore it. Updates, interest additions are figured at a share value of $1. It could be set up as an asset / bank account, but that would throw a kink on tax-deferred status for tax calculations, unless it could be tagged as tax-deferred/exempt. But your Quicken 2009 is probably considerably different and more complex. |
RE: Quicken Question
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| My guess would be they consider a CD to be a cash account so you could enter it that way. I'm not positive, though... i do use quicken but don't own any CDs, so that's not one I've had to figure out. Personally, I haven't found a lot of what quicken does to be tremendously intuitive, and i'm pretty sure some of what i've done with my own records wouldn't make sense to anyone but me, so you might not want to give my guess too much weight. :) |
RE: Quicken Question
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| I'm afraid that if I just add the CDs as a cash banking account...Turbo Tax will pick them up & assume the interest is taxable. If there's a place for CDs in the Investment category...darned if I can find it. /tricia |
RE: Quicken Question
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| My turn for a dumb question: Is CD interest taxable 'as earned' -- or only when redeemed? Need to revisit these rules; been a long time since we regularly invested in CDs. |
RE: Quicken Question
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| No, I meant enter it as cash within the account. I know you can do that, because at one point I accidentally had a cash balance inside of my Roth... don't remember the details, but somehow when it was registering what I transfered from my bank account into the Roth as cash and a separate transaction for the stock purchases (as if I were using different money to buy shares), and it just listed the transfer as cash. For me it was a mistake (so I don't really know how to tell you to do it) since I didn't in reality have a cash account within the IRA, but it can be done. |
RE: Quicken Question
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| I set up my CDs as savings accounts in Quicken. OTOH, I do not import data directly form Quicken into TurboTax, but enter it manually. I reason that this reduces some opportuniny for a GIGO error on my taxes. |
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