Once your Self Directed IRA (SDIRA) with MDM/Equity, there are different ways you can fund your account.
If you haven’t opened your CryptoIRA with MDM/Equity, click here to open an account.
Remember that MDM is in partnership with Equity Trust, a leader in the Self Directed IRA (SDIRA) space. Your SDIRA is under Equity Trust but you will be investing/trading through MDM.
Below are ways to fund your SDIRA.
1) Transfer an Existing IRA
If you have an existing IRA – Traditional, Roth, SEP, Simple, Inherited, Rollover – you can transfer those funds to your new MDM Crypto IRA without creating a taxable event or penalty.
Step 1: If you haven’t already, go to your existing IRA Custodian and request the amount you intend to transfer to your new Self Directed IRA be liquidated. Each custodian’s process is different. You may liquidate your whole account or part of it. ou can check your online account portal or contact your custodian to find out which assets your IRA currently owns. If you are currently holding stocks, mutual funds, etc., they can be traded into a cash position/money market by placing a trade through your portal or having a representative from your custodian place the trade for you.
Step 2: Make sure you filled out and sent back the Transfer Form sent by Equity Trust. Sign by hand in section 8, and complete all highlighted areas. Once finished, you will need to send the hard copy of the transfer form to:
Equity Trust Company
1 Equity Way,
Westlake, OH, 44145
Step 3: After the transfer form has been received, Equity Trust will review the document, and sign off as the receiving custodian.
Step 4: Equity Trust will then forward it onward to your resigning IRA custodian to request the transfer of funds. Your resigning custodian will review the request to ensure it is all in good order, and then forward on the funds directly to Equity Trust to complete the transfer. The transfer of funds will be the last step in the IRA process.
Step 5: You will receive an email from MDM informing you that your account is funded.
Step 4: You may now start investing in Crypto.
2) Rollover an employer plan
If you have a 401k, 403b, TSP, 457, or other pensions or plans from previous employers, you can transfer those funds to your new MDM Crypto IRA without creating a taxable event or penalty.
Note: You can still liquidate your existing 401k by borrowing money from it.
Step 1: Go to your existing custodian and request the amount you intend to transfer to your new SDIRA be liquidated. Each custodian’s process is different. You may liquidate your whole account or part of it. They will directly send your funds to Equity Trust. Some custodians take time to liquidate your asset.
Step 2: If you don’t see your funds in your MDM account, you need to follow up with your custodian.
Step 3: Keep on checking in and once your account is already funded, you can start investing in Crypto.
3) Contribute new funds
You can contribute new funds to your SDIRA account or send a check.
Step 1: Click here to see how you can transfer funds via wire or check.
Step 2: Move your funds to Equity Trust.
Step 3: Keep on checking your MDM account and once your account is already funded, you can start investing in Crypto.
Per IRS rules, below are contribution limits:
- 50 years old or below- $6,000
- Over 50 years old – $7,000
However, there are other rules to make a maximum contribution:
- If you are filing single, you must have a modified adjusted gross income (MAGI) under $124,000
- If you are married filing jointly, your MAGI must be less than $196,000. Good news is that both you and your spouse can open your own Roth IRAs and make the maximum contribution.