California Residents

California Residents with a Self-Directed IRA. How should I structure it and what are the fees?

California residents can choose a Self-Directed IRA with or without an LLC. If you want to forego an LLC, you can contact us to directly hold your asset. A Self-Directed Solo 401(k) at Rocket Dollar uses a trust to avoid CA LLC costs.

California residents can contact Rocket Dollar for a Self-Directed custodial IRA without an LLC. You can hold one asset with a Rocket Dollar Gold Account for $600 to sign up and $30/month.

If you invest in one asset, you enjoy the same pricing as all Rocket Dollar Gold Customers. $600 one time sign up fee, and then $30/month. Please contact our sales team if you aren't sure which structure is best for you. 1-855-762-5383. This structure could have additional requirements for deal approval, and forgo the benefits of an LLC, but avoids high LLC fees from the California state government.

Can I buy a Rocket Dollar Core Account with direct custody?

No, not at this time. These custody IRAs take much more time and service for our support team to assist you and your account.

How does the pricing compare for my options?

LLC California IRA

  • $360 Core account signup (one time)
  • $15 a month compliance fee
  • $800 year paid to California
  • $70 one time fee to register your Rocket Dollar Colorado IRA LLC as a foreign entity

    California IRA Flow Multiple Investments Diagram (1) 

No - LCC California Custody IRA

(Fees updated July 2020)

  • $600 Gold account signup (one time)
  • $30/month
  • Per Investment fees: We have two custodian partners. Certain customers might qualify for no per-investment fees for investments of $10,000 or above. All other customers will pay $200 per additional investment plus $100 annual per investment.
  • Gold Account covers four wires a year
  • A premium level of support and expedited service
  • Unlimited number of asset investments with our custody partner, pending deal review 
    • Assets our custody partner will not approve:
      • Cryptocurrency
      • SAFE Notes
      • Except for Perth Mint Certificates, any asset not based in the United States
      • Any direct personal loans to another individual

Direct Custody Flow V2 Black KB

I'm ready to get started. What's next?

  1. Sign up for a Rocket Dollar IRA at rocketdollar.com/signup
  2. Please send an email to the info@rocketdollar.com or directly to our support team in your dashboard support options stating you would like a California IRA without an LLC 

What is the timeline?

With a deal review, even with a Gold Account, the Direct Asset could take up to 3 weeks. It is important that you 

California residents can decide to open their IRA with an LLC but should be aware of additional costs.

You can also review the advantages of having an LLC by clicking here.

California residents using an IRA with a California LLC must pay the annual California Franchise Tax Board tax/fee.

If you use another state's LLC, you must register the other state's LLC as a foreign LLC, pay the California Foreign Registration fee, and pay the California Franchise Tax Board Fee.

You will be responsible for paying and registering your IRA LLC. 

https://www.ftb.ca.gov/pay/

Can I still purchase absolutely any asset?

Keep in mind that you will have to complete a deal review with our custody partner. Because our custody partner has custody of the asset, instead of your IRA LLC holding it, they can decide if they will accept the investment.

Currently, at this time, our California custody partner is not accepting deal reviews for Cryptocurrency and will not hold those investments. You would need to use our LLC product.

If you still want to purchase crypto, you can always do so in California but at this time must pay the $800 yearly franchise board tax fee and register the Colorado LLC that Rocket Dollar would open for you. We are continuing to work on solutions for Crypto Customers in California to make this more affordable. 

What about a Self-Directed Solo 401(k)?

A Self-Directed Solo 401(k) uses a trust, not an LLC, and thus the extra LLC considerations do not apply. California residents can enjoy the same Rocket Dollar Core $360 signup and $15 per month fee, with no new investment fees. This can be a great alternative if you qualify.

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