Archives: FAQs

How do I pay expenses for my IRA LLC’s investments?

Investment expenses should be paid directly from the IRA LLC checking account.

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What are my annual reporting requirements to Madison?

Madison Trust Company will reach out to you in January of each year to request the value of your IRA LLC. Madison will report this information to the IRS on Form 5498.

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How do I make a Contribution and invest it into my IRA LLC?

The Contribution is deposited into your Madison IRA and then invested into your IRA LLC. Send the contribution to Madison Trust using the Delivery Instructions form. Provide Madison Trust with a Deposit Information form to identify the deposit type. In Section B you will select “Annual contribution” Instruct Madison to invest the funds into your […]

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How do I take a cash distribution from my IRA LLC?

Funds are moved from your IRA LLC to your Madison IRA and then distributed to yourself personally. You will issue funds from your LLC checking account to your Madison IRA using the Delivery Instructions form. Please provide a Deposit Information form documenting the source of funds. In Section B, you will select “Deposit from IRA […]

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Where do profits from my investments get deposited?

Profits from your investment should be deposited into your IRA LLC checking account.

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Who is the member of an IRA LLC?

The IRA is the member of an IRA LLC and is titled as follows: “Madison Trust Company Custodian FBO [Your Name][Your MTC Account #]”.

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Who is the manager of an IRA LLC?

Generally the IRA Accountholder is the non-compensated manager of the IRA LLC.

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How do I invest my IRA into an IRA LLC?

Please refer to the following checklist which provides step by step instructions on investing in an IRA LLC: IRA LLC Checklist.

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Can I convert an LLC which I already own to an IRA LLC?

No, as LLC ownership would be shifting from a Disqualified Person to an IRA Asset (constituting a prohibited transaction). Also, the LLC paperwork must include language related to IRS rules and regulations. The LLC Operating Agreement should be prepared by an ERISA attorney or an IRA LLC facilitator.

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What is an IRA LLC?

An IRA LLC is a Limited Liability Company funded exclusively with retirement funds. The LLC operating agreement is generally prepared by an ERISA attorney or IRA LLC Facilitator. The Operating Agreement must include language related to IRA rules and regulations. The member of the IRA LLC is titled as follows “Madison Trust Company Custodian FBO […]

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