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Family Checkbook IRA LLC

The following information on Family Checkbook IRA is provided by The IRA Club. For more information on this or other Self Directed IRA topics call an IRA professional at The IRA Club toll free 888-795-7950

Family Checkbook IRA

(also known as a Multi Member IRA LLC)

Let’s say that you want to make an IRA investment however, you do not have adequate funds in your retirement account to complete the transaction. The answer may be a; Family Checkbook IRA (Multi member IRA-LLC).

Family Checkbook IRAWhat if you could combine the investing power of your IRA and the IRA accounts of other members of your family to make the investment you seek? The IRA Club offers an IRA LLC (Checkbook IRA) designed exactly for this purpose. The IRA Club’s “Family IRA LLC” makes combining your family’s investing power a snap.

The following explanation assumes that the reader has a good understanding of how a Checkbook IRA is established and operates. If you would like a FREE video that clearly explains Checkbook IRA accounts, please call the IRA Club; tell us a little about the type of investment you want to make and we will send you a full 40 minute recorded seminar explaining the mechanics of Checkbook IRA accounts.

Family Checkbook IRA

Step 1 : Each participant opens a Standard Self Directed IRA account family checkbook IRA

Step 2 : The new IRA Accounts are funded family checkbook IRA
(Generally by transferring in funds from an old IRA account). family checkbook IRA

Step 3 : The IRA Club establishes an IRA LLC (as described in the Checkbook IRA webinar) family checkbook IRA

Step 4 : Each of the new IRA accounts invests in the IRA LLC. (See diagram below) family checkbook IRA

FAQ

Q. Must each IRA account invest an equal amount?
A. No, each will invest the amount that is comfortable for the account owner.

Q. Is a Multi member IRA LLC limited to two investors?
A. No. There may be as many investors as you like. (However, these accounts are rarely larger than four or five investors.)

Q. Must the members be family members? family checkbook IRA
A. Family membership is not a requirement.

Q. Must we pay the full fee for a Checkbook IRA for each member?
A. No, there is only one checkbook IRA fee for the first member, each additional member pays only $195 to join.

Q. Must every member be an IRA or could one investor use “personal funds”?
A. It is acceptable to have both “IRA members” and “personal funds members”. However, if there is even one IRA member the LLC must follow the rules pertaining to IRA prohibited transactions.

Q. Are there any additional forms that must be completed?
A. Yes. The account must follow the Multi Member LLC requirement of the IRS. That is the manager of the LLC is responsible to see to it that an IRS Form 1065 is filed each year. This is an informational return and does not require any tax be paid.

We encourage you to contact the IRA Club for a free recording of our Checkbook IRA webinar or click on the box titles “Free IRA Webinars” to enroll in an online seminar.

 

  • To visit our Home Page go to Self Directed IRA
  • To attend a Free IRA Webinar go to Self Directed IRA Webinars
  • To see what our client say go to Testimonials
  • Submitted by Dennis Blitz, The IRA Club
  • All investment have risk, consult a qualified attorney before making any investment
  • IRA Club 79 West Monroe   Suite 1208  Chicago, IL 60603-4936

 

For easy reference just click on the term that you would like more information about and you will go directly to that page Real Estate IRA, Checkbook IRA, Self Directed IRA, Solo 401 (k), Tax Lien IRA,Family Checkbook IRA, Gold and Precious Metal IRA, and Self Employed IRA.