Rocket Dollar Knowledge Base

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Rocket Dollar Knowledge Base

Self-Directing Retirement Compliance and Self Care

Self-Directing Retirement Compliance and Self Care

Self-Directed Retirement accounts function similarly to IRAs you are used to but have some special rules to consider.

Fair Market Value (FMV)

How do I report the Fair Market Value (FMV) of my investment?

What is Fair Market Value (FMV), and why is it important for my Rocket Dollar account?

I have a solo 401(k), do I still have to report FMV?

Bank Accounts

Who is the custodian?

Why do I need a bank account with my Rocket Dollar Self-Directed account?

Is Rocket Dollar FDIC insured?

What do I need to know when I open my bank accounts?

Prohibited Transactions and Disqualified Persons

What are the penalties or fines for a prohibited transaction in my Self-Directed IRA or Self-Directed Solo 401(k)

Who is a disqualified person according to the IRS? How do I avoid prohibited transactions with them?

What are the common prohibited transactions I should be aware of?

What are some examples of prohibited transactions?

The people I trust to transact with or manage my investment are disqualified/prohibited persons. Who can I trust to help me?

What is the difference between a restricted investment and a prohibited transaction?

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Self-Dealing

Can I invest or loan money to the company I currently work or control?

What is "self-dealing"?

Tax Reporting

If my investment issuer requests a W-9, how do I fill out my W-9 properly for my IRA LLC?

How do I fill out the IRS W-9 form with my Solo 401(k) information?

Can I create a Solo 401(k) account without an EIN number or with my SSN?