There’s a misconception out there: that the IRS is out to get you. It’s not. When you play by the rules, the IRS and Congress have made a lot of concessions for retirement savers. But it’s not only important to know these rules—it’s vital to understand that the IRS will even make resources available to you to help you along your Self-Directed IRA journey.
- Identity Theft and Fraud Protection
When you work hard to store a lot of money away in a Self-Directed IRA, you want to make sure that it’s adequately protected. The IRS is happy to help you verify your identity and keep up to date on fraudsters and scam emails. There are a few resources you can tap in this regard, including:
- Fraud victim assistance. If you believe someone falsely filed a tax return in your name, then you want the IRS to know about it.
- Identity verification. Adding identity verification after identity theft is a great way to feel secure the next time you file your taxes.
This is just a small sample of the available resources for any Self-Directed IRA holder who has ever dealt with identity theft, but it’s great for any taxpayer without a Self-Directed IRA as well.
- Comprehensive List of Forms and Instructions
One of the intimidating things about opening up a Self-Directed IRA is the idea that you will have to do a lot of paperwork. A Self-Directed IRA administration firm can help with a lot of that. But if you want to familiarize yourself with what the IRS expects, you can always browse their comprehensive list of forms and instructions.
There you will also see a vital one for people who need to view their own tax history: Form 4506-T, a request for a transcript of tax return. These are provided free of charge and can help you gather all relevant information as you prepare to open a Self-Directed IRA.
- Summary of Retirement Plans
Let’s get into the nitty-gritty of the available retirement plans. You are not limited to Self-Directing just an IRA. If you are thinking about opening a retirement account, browse through the IRS’s full list of account types, as well as the methods of funding and other information, such as:
- Contribution limits and current rules
- Deduction limits
- Saver’s Credit
There’s a lot to know—and a lot that could benefit you—before you open a Self-Directed IRA. But even if you already have one open, give this page a read-through to find out what you might need to know to better plan for your personal retirement.
- Retirement Plan Check-Up
Ever think the IRS would help you with your retirement plan? They provide a list of checklists, depending on the type of account you carry: a Simple IRA, an SEP, a SARSEP, a 401(k) plan, or a 403(b) plan. These checklists are completely voluntary and don’t have to be filed with the IRS—they’re just for your own benefit.
And since the IRS is genuinely interested in helping people get their retirement plans sorted, they will even offer to help you with correction plans to ensure that an IRA is compliant.
- Retirement Plan FAQs
If you ever needed a broad list of questions answered, consider this: who else has dealt with those questions more than the IRS? They make a long list of retirement plan FAQs available to the public, and they are worth checking out even if you’ve already opened your Self-Directed IRA plan.