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.

General Compliance

I'm a broker-dealer employee thinking of rule FINRA rule 3210. Can Rocket Dollar provide account statements to me and my compliance team?

Fair Market Value (FMV)

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

Bank Accounts

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

Is Rocket Dollar FDIC insured?

Who is the custodian?

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. Whom can I trust to help me?

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

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Self-Dealing

What is "self-dealing"?

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

Tax Reporting

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

How do I fill out IRS Form W-9 for my IRA LLC?

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