What to Expect
Checkbook-Controlled Self-Directed IRA
Here’s what to expect as you begin the process of setting up a Self-Directed IRA LLC with checkbook control, from submitting your application and funding your IRA to setting up your LLC and investing with your new plan.
Submit your application on our app
The following timelines are based on standard non-expedited selection.
You can premium expedite (within 24 hours) for one or more processes ($200 each) or standard expedite (within 48 hours) for one or more processes ($75 each).
1. The application will go into a queue to be reviewed. A new account specialist will call you within 3-5 business days if items are missing, filled out incorrectly, or need further follow up.
2. Once the application is complete and correct, an account number will be assigned within 3-5 additional business days. The account number will be emailed to you by newaccounts@irafinancial.com.
3. The transfer form will be submitted to the Transfer Department, or instructions to complete a Rollover or contribution will be emailed to you with your account number.
Fund your IRA
If you selected Rollover on your application, please contact your previous custodian to ask them to rollover or send funds to IRA Financial. Please complete a Deposit Form on our app and provide a current statement from the other custodian to accompany the incoming wire or check. The funds will be on hold until we receive them.
If you selected Contribution on your application, please send a deposit form when you wire funds or send a check to your IRA as a current year or previous year contribution.
Set up your LLC
Our Entities team will begin establishing your LLC based on the three (3) names that you provided on your application. The formation of the LLC will begin when the setup fees are received in one of the following 2 options:
1. If you complete a Credit Card Authorization form to pay the structure fee, the Entities team will file the Articles with the state of your choosing after the account number has been assigned. This is the fastest option available.
2. If you selected Transfer, Rollover, or Contribution to fund your account, the Entities team will start the LLC structure when your account is funded and the fee has been paid.
Our Entities team will send you the LLC Operating Agreement, LLC Articles, and LLC EIN when the structure is fully set up. You will need to sign and return the signature page of the LLC Operating Agreement, we will countersign and provide you a copy.
Open and fund your LLC bank account
We take care of everything for you when you choose our Complete Care Checking Account option, which is why we recommend it!
RECOMMENDED
Complete Care Checking Account
- Opened at Capital One
- We handle all wires/banking transactions
- No fees
- LLC protection
- $1 minimum balance requirement
- No checkbook/debit card
- We handle all wires/banking transactions
RECOMMENDED
Regular Checking Account
- Opened at Capital One
- Can be opened in 3-7 days
- No fees
- LLC protection
- $1,000 minimum balance requirement
- No debit card
- We handle all wires/banking transactions
RECOMMENDED
Local Bank Account
- Opened at any bank of your choice.
Invest your IRA funds
After you are notified that your new Checkbook Control IRA account has been funded, you can begin the process to fund your IRA LLC bank account.
1. After you have received your Complete Care Checking account information (takes 1 – 2 business days), or opened a local bank account, please complete a ‘Make an Investment – IRA LLC’ form. Which form will depend on which type of bank account you open, ‘Capital One’ or ‘Use Your Own Bank.’
2. To send the funds to your IRA LLC bank account, our Outgoing Funds team will need the Investment Authorization, Prohibited Transaction Questionnaire, Wire Request (if wiring to a local bank account), and Checkbook IRA LLC Agreement.
3. Within 3 – 5 business days, the Outgoing Funds team will review the forms, email you if anything is missing or incorrect, and add you to the queue for processing.
4. The IRA Financial Outgoing Funds team will call you for a verbal verification before sending your funds. They will call you from our 800-472-1043 number.
5. Your IRA LLC is funded and you are ready to start self-directing your retirement!
