Sdira checkbook question

[Greg Junge]

I just opened a self directed IRA and transferred my money to this brokerage who specializes in self directed IRA's. I want to open up a checking account and have all the paperwork in place. Let's call it 70k that's currently with this brokerage. My question is, when I go to Chase Bank to open this LLC bank account, which isn't an issue with them, do I then transfer that 70k directly from my brokerage to that LLC checking account with Chase? Is that the legal move to do since I have the paperwork set up already for the sdira and LLC bank account being linked? Chase has a minimum of $1500 that I need to keep in the checking account to avoid fees, which isn't a problem. Any help is appreciated!

[Dmitriy Fomichenko]

@Greg Junge

Checkbook IRA is not a DIY task, you must work with qualified expert or an attorney who specializes in this structure and can provide you with the guidance needed. I see few things that you mention that seems off: brokerages do not offer truly self-directed IRA. You need a custodian allowing alternative investments. Then a special-purpose, single member LLC must be established. It will be owned by the IRA and you will be designated manager. The funds would be transferred from your current IRA to the new custodian, then the IRA must purchase LLC units, and only then funds can be transferred to the LLC's checking account.