Started using Portfolio Performance recently to keep track of things in my 401k and brokerage accounts. Very nice app.
One thing I am not able to figure out how to do, is to see how much holdings I have in my taxable account, vs 401k accounts. Basically, see how much is in each of the following categories, and do the usual reporting on them:
- Taxable accounts (gains are taxed, regular brokerage accounts)
- Tax deferred accounts (taxed when withdraw at retirement, 401k, traditional IRA)
- Tax advantaged accounts (Roth IRA, gains are tax free).
This will be very helpful to see how one’s asset is spread among the various tax account types.
I’ve created custom Taxonomies, but those are categorization on the security. What I need is a categorization on the account itself.
Is this possible? Thanks!
They are called filters. You can create one via the funnel symbol in the statement of assets.
I cannot speak for others, but I did not understand what you are up to. Maybe it is beacuse I am lacking the abreviations allready. What is a 401k account, what is IRA, Roth IRA.
PP only tracks taxes you paid and which you put in yourself. PP does not do any tax simulation or the like. Neither does it do any payment plans.
Please also keep in mind that the idea behind PP is to primarily track your security accounts not necessarily cash account.
Think Rürup, Riester etc., just for the US.
as far as I know, all of these mentioned accounts are special retirement accounts.
401k is something similar to our “Vermögenswirksame Leistungen”… means your employer pays a part of your salary directly into your 401k account which is available to you when you retire.
IRA and Roth IRA are also retirement accounts where you do not have to pay taxes.
“A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement.” (Source: Vanguard)
All these accounts are only available in the US as far as I remember.
If you want to know more about it then visit this link:
Here you can also find comparisons between 401k, IRA and Roth IRA.
With that said I think @chirlu had a good approach for wildgoose
Thank you! I was able to make this work for my purpose. Basically allowing me to use a subset of the accounts for reports.
But, I still think supporting some kind of tagging, or “Taxonomies for accounts” natively, is extremely useful. Let me explain.
Right now, Taxonomies applies to securities. This makes perfect sense, and is very powerful. I especially like the feature where I can create my own Taxonomies for my securities (I created one for 3-fund portfolio, which category in the 3-fund portfolio does this security belong to?).
However, supporting taxonomies on accounts adds a second dimension to the metric of reports.
Be able to set taxonomies for accounts natively in the UI would be a lot easier to do than manually grouping accounts. Ie
Account tax situation (how much do I have in each of these categories?):
- Normal: regular taxed accounts
- Tax free: no tax when withdraw (Roth IRA retirement accounts)
- Tax deferred: grows are tax free, tax is due when funds are withdrawn. (typical retirement accounts, IRA, 401k, etc).
Account Type (what are the assets held under various account types):
- My account
- My wife’s account
- Joint account
- My children’s account
The above is possible with the filtering, but as you can see, when the number of accounts grow, it becomes tedious to maintain. Be able to set, and update these tags on accounts would make running the various reports very trivial.
It’s not that bad. I have three accounts in one PP file, let’s call them: Personal, Joint and Retirement. Each has accounts for: broker deposit, broker security, and bank.
For each, deposit funds into broker deposit which is used to buy broker securities and pays dividends into bank. I can report on all, or most reports allow filtering.
The only issue I have is with income when the same security is held by different accounts: CSV import of Portfolio Transaction does not work if ISIN is not unique - #9 by flywire
This has nothing to do with taxonomies.