SD IRA – What can we expect?

[AtrainMember]

I’m excited, I had to redeposit a 401K into a roll over IRA within the 60 days because I didn’t want to had over a large chunk to taxes. Can this really be true? Physical possession of G&S Bullion under an umbrella of an Self-Directed IRA/LLC with checkbook control? In 3 days+ are we going to get a DIY breakdown or what can we expect?

(side note: SD, I’ve been making all my purchases from APMEX, I’m excited to use you since your premiums are lower and shipping is better.)

[AGXIIKMember]

Altrain.  This is exactly what I did 

Originally I was going to just withdraw my IRA funds and take the tax hit. In Feb 2012 I did this and accepted the hit but not long after I found the service provider who helped me through the legal niceties of the SDIRA. My tax hit had the potential of being in the low 6 figures and the thought of sending that amount to the BEAST disgusted me.

The   SDIRA can be used for many purposes  but in my case the notion of buying phyzz appeals to me since it is completely without counterparty risk.  The firm that walked me through this process set up the LLC that’s my conduit for buying the phyzz and holds the checking account (since the LLC uses a bank to conduit the funds for the purchase of PMs)  My original Fidelity IRAs were transferred to an alternate custodian who is not only knowledgeable about how to do an SDIRA–they have a department devoted to that purpose–they are also a member of my LLCs.

I am the managing member since my  focus and direction in the asset purchases is not something the custodian can or is willing to do. But it does provide for that all important IRA custodian umbrella that keeps things legal and within the IRS rule book. 

Since we transferred our IRAs (me and my wife) from Fidelity to the custodian, the actual IRA remains within a  custodian account. But the funds can be transferred one more time and still be in the keeping of the custodian and me.  The funds are routed to the special LLC set up to receive funds and then wired to buy phyzz which SD Bullion which, coincidentally, finalized purchase on the PM dip today.  During the entire process there was, to my best knowledge, no ‘leakage’ of the funds to the taxable world so I am confident that there is no taxable event.  From this point on I need to be careful of how I handle these assets.  I do have them in safekeeping completely separate from any other assets in a safe that is labeled SDIRA. 

These are  the basics to this system and from what I have heard   hundreds of people using this system find it works.  Doc and Bull Run are researching this fully to make sure their system is on solid ground but the ones we did appear to be within the legal and tax parameters.  We also plan to leave the assets intact and untouched for possible as long as a decade until we uncork it for our retirement.  We are early 60′s.  FYI

[AtrainMember]

Thank you AGXIIK! I’m a resident of Nevada and I noticed you set up a Nevada LLC, smart move. I pitched the idea (not mentioning exactly what I planned to purchase) to a couple of independent tax accountants I know. They said people do it, but the process had to be exact. Thank you for sharing your experience. I plan on doing the same thing. Congrats on the purchasing the dip too.

So in 3 days we are going to get a “how to” break down of the steps then? Or does SD plan to streamline the process for you through contacts for a reasonable fee? Or do I just need to wait and see in 3+ days?

[AGXIIKMember]

SDIRA with Doc will use the same process.  The Nevada LLC process is much more costly since the Secretary of State requires some extra cost in fees   Doc has a better state with lower costs and a first rate privacy policy which is key to keeping things under wraps.  I chose NV because the other service provider was using NV first but also changed out to another state once they discovered the fees.  The 3 day wait should be worth it.

[BullRunKey Master]

Atrain- Thank you for your interest

and AGXIIK- Thank you very much for the kind words.

We will be releasing more specific details over the weekend on the “SD IRA” page including the prices associated with setting up the SD IRA.

[4 ozMember]

Have three IRA’s  and  pretty much sure that along with my 401k, I’m never gonna see a dime outta them….

[XizangMember]

Cheer up, 4 oz.   There’s always a good chance you’ll get an IOU or promise from the government.   And just like they did when they “borrowed” everyone’s money from the Social Security Trust Fund and left IOUs – when or if the Feds do honor the debt, they will be calling it some sort of ‘entitlement’ that you’ll be shamed and humiliated if you want any of it.   Crooks like Obama will be quick to accuse you of being a burden on the other 99% if you ask for any of your money back.

[moopstMember]

I rolled my ira and roth ira into a self directed ira, and bought all silver eagles.  The custodian is in New Jersey, so do I need to set up an LLC and bring it on home?  Home state is Colorado.

Guess I need to check out that SD IRA page, is that in the forum?

[SilverDuderMember]

How can I roll it over without quitting my job? They should fire me so I can collect unemployment for 18 months.

[SilverDuderMember]

And its a 401k

[MaryBMember]

SilverDude borrow as much as possible from your 401k and use it to start the IRA, do this as often as possible.

[SilverDuderMember]

I still owe 2 grand

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