Godlike Productions - Conspiracy Forum
Users Online Now: 2,237 (Who's On?)Visitors Today: 1,359,096
Pageviews Today: 1,674,358Threads Today: 313Posts Today: 6,083
12:03 PM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

Self-Directed IRA- experienced in this?

 
WTHell
User ID: 14385938
United States
11/23/2012 01:15 PM
Report Abusive Post
Report Copyright Violation
Self-Directed IRA- experienced in this?
Who can tell me what/how? I have an IRA and a 401K and even though I cashed out the stocks, the investment company put the money into a government money market fund.

There's a little chunk of land near me that's going to be auctioned soon. I'm thinking I'd rather have land than cash. Not to mention physical gold/silver.

I have to leave soon, so it will be difficult for me to respond, but I'm sure I 'm not the only one who needs this info. My elderly MIL broke her hip day before Thanksgiving and I must attend to family matters.

All help will be appreciated. I'll check in as best I can, but I want to do this soon!

Anyone want to recommend a company worthy of rolling into?

Thank you to all!!!
WTHell (OP)
User ID: 14385938
United States
11/23/2012 01:45 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
Lots of interest, but no replies. So lots of folks need to know about this buy not many do.

Interesting.
Sammie

User ID: 930440
United States
11/23/2012 01:50 PM

Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
couple of questions .....

how old are you?

how much money do you have in the IRA and how much in the 401k?

Traditional IRA or Roth IRA?

Do you file a single or joint (married) tax return?

Do you itemize your taxes or do you take the standard deduction?

Do you have the cash outside of the IRA and 401k to cover any tax implication that would arise from taking the funds? In other words, can you pay the tax penalty with cash outside of the IRA/ 401k or would you be forced to pay any penalties with the money from the IRA/401k?

You mentioned taking the funds for land or physical precious metal investing, but you then asked about rolling the funds over to a self directed account..... which are you actually wanting to do, rollover the funds or take possession of the funds to purchase something physical?

If you happen to reply back to this, I will do my best to help you find the information you are looking for so that you can be armed with the information you need to make an educated decision.

Publication 590 is the reference document you will want to refer to regarding the regulations of Traditional and Roth IRA accounts. You can find it at www.irs.gov and doing a search of pub 590 under publications.
"Beware lest you lose the substance by grasping at the shadow".  ~Aesop


"Once in a dream I saw a snake swallowing its own tail, it swallowed and swallowed until it got halfway round, and there it stopped and there it stayed, it was stuffed with its own self. Some fix, that.
We only have ourselves to go on, and it’s enough…" -Charles Bukowski



"Grasping at things can only yield one of two results:
Either the thing you are grasping at disappears, or you yourself disappear.
It is only a matter of which occurs first."
-Goenka
Anonymous Coward
User ID: 28167778
United States
11/23/2012 01:55 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
Hi,

no expert here, but some tips:

How old are you? Easier to get money out penalty free when you are older.

If it is already fully out, meaning the money market fund is not in a "qualified" account, but a plain old vanilla account in your name -

do whatever you want.

Not sure if IRAs can own land outside of REITs, which are real estate investment trusts, not real parcels of land.


IRAs and 401ks may be under attack by obama wishing to change the pension structure. Several posts on this topic today.

I would get my money OUT if I could.

Depending on the land you are considering, it could be a very good idea.

My own retirement money is in a private annuity. i am over 55 and bought a single premium deferred annuity that will begin paying out when I am 65. If earlier, the payout stream will be a lesser amount. It is guaranteed for as long as my husband and I live.
We pulled it out of his IRA to do this. He is already old enough to be in payout status, so it was cheaper to do this.
Anonymous Coward
User ID: 28167778
United States
11/23/2012 01:58 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
I see you might like a name. Our annuity is with a life insurance company called Great American, located in Cincinnati, Ohio.


If you get the land at the auction, consider your alternatives for the rest.

Look for a certified financial planner in your area.

You can ask for a "limited engagement" pertaining only to this matter.

It would be worth it.
Anonymous Coward (OP)
User ID: 14385938
United States
11/23/2012 02:29 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
You can imagine that I dislike posting personal info, howe√er I am a 54yo recent widow.

The amounts in the IRA and 401K are equally good.
Anonymous Coward
User ID: 27999563
United States
11/23/2012 05:15 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
I have used a self-directed IRA management compnay for many years.... Equity Trust in Ohio.

I was very happy with htem until I moved and for some reason did not get paperwork to pay my annual fee. Due tp non-payment of my annual fee they told the IRS that my stock was distrubuted (which was not) and I now have a very large tax penalty to deal with... as I did not know they filed this wiht the IRTS and therefore did not know I had to roll paperwork into another management account in 60 days... triggering taxes and penalties etc.

Equity Trust Customer service has not served me well for this error.

Therefore I would not recommend Equity Trust to anyone.

FYI There are other self-directed IRA managment companies out there.

Plus I believe that a tax attorney could create an IRA LLC for you to manage this type of land purchase.... but am not really sure so check it out with a local tax attorney.
milehighmike

User ID: 339344
United States
11/23/2012 09:12 PM

Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
I have used a self-directed IRA management compnay for many years.... Equity Trust in Ohio.

I was very happy with htem until I moved and for some reason did not get paperwork to pay my annual fee. Due tp non-payment of my annual fee they told the IRS that my stock was distrubuted (which was not) and I now have a very large tax penalty to deal with... as I did not know they filed this wiht the IRTS and therefore did not know I had to roll paperwork into another management account in 60 days... triggering taxes and penalties etc.

Equity Trust Customer service has not served me well for this error.

Therefore I would not recommend Equity Trust to anyone.

FYI There are other self-directed IRA managment companies out there.

Plus I believe that a tax attorney could create an IRA LLC for you to manage this type of land purchase.... but am not really sure so check it out with a local tax attorney.
 Quoting: Anonymous Coward 27999563


I rolled-over a large 401K to them a couple of years ago and DIDN'T experience any problems FWIW....

Last Edited by milehighmike on 11/24/2012 10:53 AM
"Successful people are always looking for opportunities to help others. Unsuccessful people are always asking, 'What's in it for me?'" — Brian Tracy: Personal and business training author, speaker, and consultant

"We are all, right now, living the life we choose." -- Peter McWilliams, Author

"The bad news is time flies. The good news is you're the pilot." -- Michael Altshuler
Anonymous Coward
User ID: 18630570
United States
11/24/2012 09:07 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
Self directed IRA's do allow real estate or precious metals.

broadfinancial.com/self-directed-ira/real-estate-ira
broadfinancial.com/self-directed-ira/gold-ira

If you would have self employment income it would be an even better idea to use a solo 401k because you can get away with less fees.
Anonymous Coward
User ID: 28167778
United States
11/24/2012 09:26 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
Hello, OP.
So sorry to hear that you lost your husband.

When my dad died a few years ago, I learned that:

You can file the final tax return this year as MFJ.

He will need a final return of his own.

Social Security may owe you a one-time death benefit of $225. They do not advertise it and many people do not collect it.

The situation is now materially different. IRA and other financial rules are usually much more lenient when there has been a death - fewer limits on what you can withdraw, etc.

More than before, you need a good tax acountant and possibly a financial planner on your side.

My mother was not aware of many things. Neither was I. It's been 2 years now, and we are still mopping up. My dad was a meticulous record keeper all his life, but in the time before his death, that changed.

Best of luck to you.
Anonymous Coward
User ID: 1135376
United States
11/24/2012 09:41 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
investing labor hours into useless paper.
I keep my labor hour $ working trading marketable tangibles and keeping liquid.
iras will never compound fast enough to overcome inflation.

#1 rule in this economy is "secure the merchandise"
Look at the elite, that's all they want to do at this point.
imHo
WTHell (OP)
User ID: 14385938
United States
11/25/2012 06:25 PM
Report Abusive Post
Report Copyright Violation
Re: Self-Directed IRA- experienced in this?
Thank you to all who have replied. These are odd times to have money and none of the rules I grew up with apply. I feel strongly that I am entrusted with his life's blood money; the stress of his job was too much for anyone, and he always came through. I feel sorry for his workplace and his coworkers without him. He was an exceptional man, brilliant and beautiful. Also, I have our daughter to raise.

I think that the government wants us all in the stock market and under their thumb. I do not wish to be in the stock market at this time.


I think I can do a helluva lot better than the losses we've suffered. I will check out both the companies which you've provided, and any others. I want to move QUICK!!!!

I put all accounts into my name, which was a big mistake. I could have done it much, much smarter. But it took me many months to even look at the investments, and they had lost so much money I could not believe it. So I moved too quick so I could make adjustments. Now I must be smart.

Any tips, recommendations, etc.., are greatly appreciated.

News