What does "banking" mean in this context?
In my Simplifi app, it's separating out a significant portion of my IRA, referring to it as "banking," and omitting it from my net worth.
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@Amethyst64 When you set up your IRA account, did you by change make it a banking acccount instead of an investment acccount?
If so, you can edit the acccount by clicking on the three dots to the right of it in Settings → Accounts
Anthony Bopp
Simplifi User Since July 2022Money talks. But all my paycheck ever says is goodbye0 -
Also, your banking balances are negative. Have you connected your accounts to the bank after importing from Mint? The connections will update the account balances. I am aware that you are still working on the Mint import from another discussion you opened.
Also, if you are importing any closed or zero balance accounts to Simplifi from Mint, use the balance adjustment after importing to ensure the correct balance is reflected. Do not close any accounts in Simplifi until you made sure no further modifications are needed. Closed accounts marked as such in Simplifi cannot be reopened or modified.
Simplifi User Since Nov 2023
Minter 2014-2023
Questionable Excel before 2014 to present
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Hmm. It WAS a 401K, until last week. I just turned 60, I'm on permanent disability d/t illness, and I needed to withdraw some of my money for medical expenses. Empower said that my former employer didn't allow portions to be withdrawn from their 401Ks, so they converted it to a traditional IRA so I could do that. Does that answer your question? I don't know ANYTHING about this stuff.
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In Simplifi, there are several account types, one of them being IRA. @ajbopp is asking about how you classified the IRA - Did you make it an Investment>Brokerage>IRA in Simplifi or a Banking>Cash & Checking?
Is the IRA included in the Investments total above from your screenshot?
Simplifi User Since Nov 2023
Minter 2014-2023
Questionable Excel before 2014 to present
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Iwould suspect that if you edit your account to be Investment → IRA, it will look better for you. Another option, perhaps a better one, is to create a brand new account that's an IRA, transfer all your funds from the 401K into it, and then close the 401K account in Q-Simplifi.
I suspect the second option would be better only because i would suppose that when they converted your account, Empower also gave it a new account number.
Anthony Bopp
Simplifi User Since July 2022Money talks. But all my paycheck ever says is goodbye0 -
Yeah, I don't understand what this means at all. My bank account (credit union) is NOT overdrawn; as of this moment I have about $600 in checking and $100 in savings. And yes, my bank account is connected to my Simplifi (though I haven't had a chance to clear out all the duplicates). That $20,000 was part of my $70,000 IRA, which I haven't split … I just converted my $70,000 401K to an IRA a few days ago.
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"When you set up your IRA account, did you by change make it a banking acccount instead of an investment acccount?"
Forgive my dumb question, but do you mean when I set up my IRA account with Empower (I converted my 401K to an IRA a few days ago), or when I set up my account here on Simplifi?
PS. I THINK I selected 401K because that was the option I saw, and my $$$ was literally in the process of going from a 401k to an IRA that day.)
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No i meant when you set up the account on Simplifi
Anthony Bopp
Simplifi User Since July 2022Money talks. But all my paycheck ever says is goodbye0 -
I THINK these are answers. My investment acccount was literally in the process of being converted from a 401K to an IRA when I opened my Simplifi account, and I THINK I selected 401K because that's what I think it still was at that moment.
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I'm assuming my 401K account no longer exists today. It was in the process of being converted to an IRA during the couple days I opened my Simplifi account, and I THINK I selected 401K because I had not yet gotten the email saying that the conversion had taken place.
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OMG, IT'S FIXED NOW!!
Did that happen because of this discussion? Or did it just self-correct?
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I'm not sure, but I'm glad it's working now!
Anthony Bopp
Simplifi User Since July 2022Money talks. But all my paycheck ever says is goodbye0 -
Glad to hear things are working better. Also, if you connected the bank accounts, the balances likely corrected themselves from the negative $21K or so to the correct numbers.
Simplifi User Since Nov 2023
Minter 2014-2023
Questionable Excel before 2014 to present
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By the way, love the avatar @Amethyst64
Simplifi User Since Nov 2023
Minter 2014-2023
Questionable Excel before 2014 to present
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