To truly understand a self directed IRA with checkbook control you must first know what a self directed IRA is. I am proceeding under the assumption that you have a knowledge of what a self directed IRA is.
The benefit and main difference between a self directed IRA and checkbook IRA also known as a self directed IRA with checkbook control is that you have the ability to write checks or wire funds straight from your self directed IRA bank account to make an investment. Typically you must go through your custodian when investing with the account and so this allows you to eliminate the IRA custodian when investing with your IRA.
Knowing the basics of what a checkbook IRA allows you to do is great but you must know how to properly set one up and it is vital to know the processes you should follow when dealing with your checkbook control IRA. The below info-graphic shows the steps required to creating your self directed IRA with checkbook control correctly.
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Author: Nick Barker.