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Are there filing or record keeping requirements to being your own custodian? I imagine the process is somewhat more involved than labeling the stack of cash “Ro
by divbzero 5y ago
Are there filing or record keeping requirements to being your own custodian? I imagine the process is somewhat more involved than labeling the stack of cash “Roth IRA”, or is it really that simple?
- redis_mlc 5y agoIt's generally that simple. You should have an excel you update annually and print the latest version each year and keep the printout in your records. As long as under the annual limit and it makes sense, you should be good. If you're trying to be fancy, search for more info on how Thiel setup the ultimate Roth. Also, note that a general strategy is to borrow against holdings, so you don't even need to sell the Roth to get access to it. (One of the reasons executives hate short sellers is that it screws with their loans if compensation share prices go down.)
- vmception 5y agoJust be able to pass an audit So people generally like a paper trail for that