IRA Macros
Lead: "How Can I invest in the Fundrise platform using an IRA?"
Macro: ?
"IRA Request General"
Who is the custodian of IRAs on our platform?
MTC
Can an investor use a Fidelity IRA to invest in our products (directly)?
Why/Why not?
No, MTC is our only current IRA custodian
IRA->IRA
Transfer
Taxable Investor: "I want to rollover my old 401k to Fundrise, how can I do that?"
Macro: ?
Macro: "Direct and Indirect Rollover"
if someone wants to perform a "Backdoor" IRA conversion, how many IRAs will they need to open with MTC?
two (one Roth, one Traditional)
How much money can someone contribute to an IRA in a given year?
$6,000 (or $7,000 if over the age of 50)
Will also accept: IRS contribution limit for that year
IRA funding method that involves a physical check being sent to MTC.
Rollover
Taxable Investor: "I want to transfer my existing taxable account into an IRA on the Fundrise platform. How can I do that?
Macro: ?
"IRA Account Transfer"
What types of "ACAT" transfer can MTC NOT handle?
Full ACAT Transfer
Non-Cash ACAT transfers
Can I convert my taxable Fundrise account to an IRA? Why not?
No, IRS code (IRC 4975) states an IRA cannot commingle or transact with a person's taxable account. For this reason, we do not allow transfers between taxable and IRA accounts on our platform.
IRA Funding method that involves investing "new money" from a bank account
Contribution
Taxable Investor: "My current IRA custodian doesn't have a DTC number, how can I transfer my IRA to MTC and invest in your platform?
Macro: ?
"Non-ACAT Current Custodian"
Why can rollovers take so long?
Snail Mail (up to 3 weeks)
What offering(s) on or platform can potentially generate UBTI and therefore are not accessible through an IRA that is linked to the platform?
-eFund(s)
-Advanced "Plus" Plans
The process of changing a Traditional IRA into a Roth IRA is called a __?
Conversion
I have a checkbook IRA set up under my LLC, how can I use this self directed IRA to invest in Fundrise?
"Solo 401k"
Describe the process of IRA account opening (what is actually happening on the back end when someone goes through our API?
The investor starts on our site-> IRA is verified and opened with MTC -> IRA Investment is sent from our site to MTC-> MTC initiates the investment -> MTC sends us the funds for the order-> Investment settles on our side.
How can a new investor contribute to and use a "backdoor" Roth IRA to invest in our products?
-Investor will need to set up two IRAs directly with Millennium Trust Company (one Roth and One Traditional).
-The backdoor Roth conversion should take place through Millennium Trust Company, prior to investing new funds in our platform
-Once the Roth account has been converted and has settled funds available, we can manually link the IRA to our platform.
A type of "number" that each ACAT eligible custodian uses to facilitate ACAT transfers.
If an investor's current IRA custodian is "ACAT-eligible", they should be able to provide this number to the investor.
(THREE LETTERS)
DTC