Posted on 04/25/2017 7:36:12 AM PDT by Alberta's Child
Sorry for the vanity, but I'm dealing with a financial situation that is apparently a very unusual one and isn't easily addressed through traditional means.
Long story short ...
I'm looking into some options for opening a self-directed IRA (which is different from a self-managed IRA). The tax rules about these accounts are complicated, but I've determined that I can navigate them with minimal outside help.
The issue I'm facing is that the IRS requires a third-party custodian to be involved in the process to file the necessary paperwork and annual tax forms. For the life of me, I cannot find a single financial services firm among the ones I've used over the years who has ever done this sort of thing. Every financial advisor I've contacted would love to sign me up for a traditional IRA, but nobody has been willing or able to help with a self-directed IRA.
I have found several resources online with links to various companies that do this sort of thing, but I don't recognize any of them and I'm reluctant to engage someone I don't know without any recommendations from people I know in the industry.
Has anyone here ever opened a self-directed IRA? Who did you use as a third-party custodian?
As in #9, I have seen these guys do good work. When I was selling bullion, these guys (sometimes known as “The Church Trust”) handled the transactions.
You’re looking for a solo 401k plan, then.
I may reach out to you later via Freep-mail on this.
That’s a possibility, but I’m still not 100% sure of the differences between a self-directed IRA and a self-directed Solo 401(k).
I’ve been very happy with Scottrade, too.
BFL
I use Vanguard but I don’t know if they would provide what you are looking for.
No, they won’t.
I have two comments: 1. If self employed don’t miss the Roth I 401K option. You can put more in than with an IRA. 2. I had a non-traditional investment in a captive insurance company preferred stock. Worked out really well to shelter dividends. Morgan Stanley was the custodian but it took them a long time to go for it because there was no easy valuation and they hadn’t done it before.
Thanks — but a Roth IRA or 401(k) is out of the question for me, since I’d be rolling this over from an existing IRA and I absolutely refuse to pay taxes on a Roth conversion.
[[Looking for Input from Freepers on Retirement Accounts]]
Don’t bother until AFTER this year- Christ may be coming back in Sept- maybe towards hte end of hte year- Wait awhile before heavily investing in anything- if we’re still here- then invest- but keep in mind, the next ‘possible date’ may be 2027 IF the ‘generation’ spoken of by Christ is 80 years and not 70 years (which would give us the date of 2017)
You might inquire with a Delaware company about a Business Trust that is located in Delaware and has to be serviced by a local Delaware company.
“I absolutely refuse to pay taxes on a Roth conversion.” So don’t do a Roth. If you have the money and are self employmed you can put a lot more in the I 401K going forward. Of course you can’t roll an IRA into a 401K. It comes down to how much do you want to shelter. I plan on $60,000 this year. In an IRA I can only do $6,000.
All qualified accounts require a custodian.
Excellent input there. Thanks!
Good FAQ for some of these questions.
http://www.pgiselfdirected.com/faqs/
That’s another outstanding resource. Thank you!
While you’re researching, you might want to review IRS publication 590.
https://www.irs.gov/publications/p590a/index.html
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