Tags: rollover ira

06/14/13

  09:12:00 am, by The Dreamer   , 1412 words  
Categories: Healthcare, Quicken/TurboTax

Screwed by Quicken

A while back I was having trouble updating transactions in my TIAA-CREF account. I used to update my entering each transaction by hand every so often, but then a few years ago (when I rolled over a Rollover IRA, which I had parked my 401k of my previous employer, as the invisible money fee was huge....share counts would drop every month, with no explanation in the account statements.) I let them generate the funds I should spread my retirement into...which makes it much harder to be entering transactions by hand.

I had tried the Quicken download option, but the dates of the transactions didn't line up with my pay days or the website's transaction history. So, making the download match what I was entering was tedious, as was not entering any by hand and adjusting after download. Also, the download likes to splatter my register with placeholders, and the complain that the placeholders are missing information so it can't do gain calculations.

So, originally, I'd only like invest in 6 +/- 1 funds. Basically a fund out each slice and some multiple of 5% rather than the specific percentage an investment tool had suggested for me.

Now, I have my retirement funds spread of 12 funds in my Mandatory Plan, and 19 Funds in my Voluntary Plan (since the Voluntary has access to more choices than those specified by pension administrator.) The Mandatory Plan is funded by the mandatory 5.5% that comes out of every paycheck, plus an 8.5% match from employer. While the Voluntary Plan is money that came from other sources, which could be in the form of additional deductions from pay. But, in my case it represents what was in my previous 401k.

So, I just let the Quicken download be as it is....deleting most of the placeholder transactions, because the only transaction that doesn't appear anywhere is the share count growth of my TIAA-CREF Traditional Annuity. But, I just change them into reinvestment actions with a price of $1. Not sure how I would get quicken to tell me what the gain/loss % is from that....

Somebody had described how to do the math to get include re-investments into the overall gain, perhaps I'll have to look into that someday.

Anyways, I noticed that I somehow hadn't done a download in almost 2 months (since the download ranges are 30, 60, 90 or All), so I try to do it about every 30 days. Quicken doesn't seem too bright on knowing transactions that overlap the previous download aren't new, and it'll refuse to let me manually match them with the correct transaction, since it the transaction had already been matched (or created by a previous download). So, I have to delete some of the new transactions, along with all the placeholder entries...before accepting the rest.

Normally this works great....even if the dates happen a day or two before payday. It makes the transfer from my associated cash account for my Mandatory Plan...sure it might go negative...but it all zeros out in the end, usually.

But, then last fall, there was a weird extra $3 and change in my cash account. I kept looking for a missing transaction, but didn't see one. Eventually, I found that when it had done my annual birthday re-balancing...where it sells parts of some funds and Quicken transfers into my cash account, an then buys amounts in the other funds with Quicken transferring out of my cash account. It didn't do that when it added to my Wells Fargo Advantage Growth Fund Institutional. I fixed it by hand, somehow and continued on my way.

Full story »

12/08/12

  04:13:00 pm, by The Dreamer   , 429 words  
Categories: General, Software, Home, VirtualBox, Quicken/TurboTax

TD Ameritrade, IRS, Turbo Tax and Audit Protection

In what turned into the continuing saga of Finally rolled my retirement to new job... I get notice from IRS that I owned them taxes for my IRA rollover plus interest and that unless I provide document to the contrary, I was to send them payment or arrange a payment plan....

At first I wondered what the heck was up... and why would TD Ameritrade report to the IRS differently than what they had reported to me, and that I had filed in my return. TD Ameritrade reported the distribution from my Rollover IRA, but not that it went to a qualified retirement account. And, reviewing my Turbo Tax data, no other documentation was needed for to document such. And, checking with TIAA-CREF, they said no tax form was needed from them and that they had nothing to issue for it.

I then struggled with how I would file an appeal, when I remembered that I get the Audit Protection service every year I've been filing with Turbo Tax. So, I open up a case with the Audit Protection company (Tax Resources). They then ask me to send some forms giving them permission to access my return data with the IRS, along with the TurboTax data file, and granting them power to represent me on this matter. Plus copies of the forms I had gotten from TD Ameritrade. Later they ask if there's some kind of confirmation letter when TIAA-CREF received the rollover, which TIAA-CREF was able to send me a new copy to forward on.

After many months....I get a call that the matter has been resolved and that I'll get an official letter from the IRS in a couple of weeks. But, we're done and hopefully we'll never have to talk to each other again. &#59;D

Pages: 1· 2

09/12/10

  01:07:11 pm, by The Dreamer   , 939 words  
Categories: General

Finally rolled my retirement to new job

Well, back at the end of June, nearing my 4th year with Kansas State University, I decided it was time that I rollover my old retirement funds to TIAA-CREF with my new retirement funds.

I don't remember it being quite the hassle before, or there being fees ($75). But, I guess that's what I get for doing an Rollover IRA with TD Ameritrade.

I vaguely recall my first rollover, when I started working in the US it was a contract to hire situation, where while I was contract I was an employee of another company...and my benefits where from that company. When I finally became a full time employee, benefits switched over. So, having a whole lot in my first/old 401k, I rolled it over. It was a hassle, because they didn't direct rollover...but cut me a distribution check, etc. But, I was able to straighten in it out and the whole of my first 401k joined with my second 401k.

Move forward to spring 2006....have been laid off a few months from my now previous job. And, I'm watching share counts within my 401k drop faster than they did when I was an employee. Not share value, but fractional shares going away with no explanation on the statements. Guess that means they don't want me to stay with them....gotta find me somewhere else to put my 401k.

Since I had two online brokerage accounts, E*Trade and HarrisDirect. Except that E*Trade then acquired HarrisDirect, so I then got TD Waterhouse (which then became TD Ameritrade). Now the only reason I had E*Trade, was because it was a requirement to participate in my previous employer's ESPP. OTOH, it was HarrisDirect that I was able to get to handle my ESOP. After I was laid off, I had a limited time to exercise my remaining ESOP....so I got TD Waterhouse handle that.

Being happy with TD Waterhouse, and mixed about E*Trade....I decided that I would consolidate to TD Waterhouse/Ameritrade.

So, with that move...I decided that I would park my 401k in a Rollover IRA at TD Ameritrade. I picked a few funds, applied a pie chart and tweaked the purchases to whole shares and minimal cash left over. I couldn't go 100% into funds...unlike 401k/403b/etc. plans. $45,826.33.

At Kansas State University, they have a mandatory pension plan....where after 1 year of service, you are forced to contribute 5.5% of your salary to one of the two available providers (ING & TIAA-CREF)....I went with TIAA-CREF. For my 5.5% mandatory contribution, I get a match of 8.5%.

I had intended that this would the when I would also seek to rollover my rollover IRA to TIAA-CREF. But, I kept putting it off....

Finally, back in early July, looking over the mid year statements...I decided that I should see about making it happen. I checked with TD Ameritrade, and found that for transfer out to external for my IRA...I needed to initiate the transfer with the external. So, I checked with TIAA-CREF, and opted to schedule a meeting to review my investments and do the paperwork on doing the rollover.

I was interested to know that most of the recommended funds were already the ones I had, though the mandatory plan has fewer choices than the voluntary plan. Where the latter is where my additional contributions to retirement would go above the mandatory 5.5% (+8.5%). Some of the recommendations were the same, others were different. I opted to go with the recommendations (with minor tweaks, due to fund restrictions) for both plans. And, then it was wait for my funds in the TD Ameritrade Rollover IRA to move.

I watched and I watched, but nothing was happening. Eventually I got letters from TIAA-CREF saying they were being ignored. Eventually I contacted TD Ameritrade to ask what's up. And, they responded that they don't accept external requests so they were ignoring TIAA-CREF and they weren't going to tell me. :??:

But, they did at least tell me what I needed to do to make it happen. It was liquidate my holdings and then instruct them to make the transfer. So, I sold everything in my Rollover IRA...resulting in $40,008.06. And, then asked them to do the transfer. In the response they wrote that they are sending a reject letter to TIAA-CREFs request, and doing the requested transfer by check draft.

Later the account disappeared online, and Quicken couldn't deal with that....had to remove and readd.

And, then I got notification that a check for $39,933.06 was being drawn up :hmm: and later that it had been sent by First Class Mail. So, they hit me with a $75 fee somewhere.... :**:

I had considered giving up on this whole process, but when I learned it was TD Ameritrade that was giving me the run around in this process...it made me more certain that I needed to complete it. Wonder what I'm going to do with my brokerage account now?

I guess I kind of expected that I would get a notice or something from TIAA-CREF when they got receipt of my money...but was online checking my various accounts (this month's statement for my Commerce Bank account had landed, and I realized that I hadn't hit all the other sites to get my recent statements....) When I got on to TIAA-CREF, I saw that my balance was high, which suggested that the voluntary part had funds now. Found that it happened on September 7th, already have a dividend for one of the funds on the 8th....

Got a paper statement from TD Ameritrade the other day too...since online access went away once they closed it. Nothing on it about the missing $75. Last entry is the Delivered Transaction of $40,007.78.

Oh well....

Now instead of subjecting some poor random forum to a long rambling thought, I will try to consolidate those things into this blog where they can be more easily ignored profess to be collected thoughts from my mind.

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