Is there a "Rollover as business startup" for IRA?
I had a 401(k) with my employer, who I left recently. I'm considering rolling this over into an IRA since I will avoid a small maintenance fee this way, but I'm not sure if I will lose the ability to roll over some of my retirement funding to start a business.
I found this page which says that can rollover from any "qualified" IRA – does anyone know how I can determine if my IRA is qualified? From elsewhere in the article it seems like maybe all IRAs are qualified?
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You can't do what you would like to do, unless your business has another, unrelated investor or is willing to invest an equal amount of funds + .01 into a corporation which will employ you.
You will then need to set up a self-directed IRA.
Additionally, you will need a trustee to account for all the disbursements from your IRA.
A self-directed IRA could be a good solution for you and all IRAs are qualified IRAs the administrator must allow for alternative assets. However, if you're looking to do the ROBS (Roll Over Business Start-up) system, there are not very many administrators that can facilitate that. There is also a checkbook IRA (aka single member LLC) that more administrators are able to work with, but the rules are different from a ROBS plan. Check with your financial adviser, CPA, tax guru and ask which method would work best for what you're looking to accomplish.
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