This is really the only scenario that requires IMMEDIATE resolution .... You invested from a SD IRA and you are at least 70.5 years old before Dec. 31......
The rest of the tax issue on personal investments is not so urgent, because you can always "go back in time" and file amended returns.
Evelyn Carey is working with one Esmeralda investor and IRA Services Trust Company (the custodian for most of these accounts) to get a procedure / process established for everyone to follow. For this investor, there is nothing else in the LLC, so she will be getting the account closed, too.
In the meantime, every SD IRA investor needs to review their account.
By the way, there are online forms for all of these actions.
Email me or contact your account representative for help..
# 1 - Make sure your custodial cash balance is at least $400, so you do not go below the required minimum balance. This is cash in your account at IRA Services.
There is a HUGE risk of letting the account go below the required amount !
I cannot stress this enough, and it comes from first hand knowledge of what almost happened to me and my account. If an account is not adequately maintained (funded), IRA Services will notify you that the account is in non-compliance, and by law and IRS rules is, subject to a full disbursement of the funds in the account (including that in your checkbook LLC account) and closing of the account. THIS IS A BAD THING ! They will report the full, current amount of your SD IRA to the IRS as income to you. You cannot let this happen before you get the investment removed from the account balance.
# 2 - Make sure you have a GOOD account representative on file with IRA Services. Evie Carey is the best, of course. But many accounts were set up after her departure from IPX and still have Dino or someone else as the representative. You will need a good representative to help you going forward.
# 3 - Remember, you MUST file the Fair Market Value at the end of every fiscal year once you turn 70.5, but I recommend doing it regardless of your age. It just keeps things simpler and more uncomplicated when 70.5 comes along.
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