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> My retirement fund benefited enormously from the Q3 2020 crypto market gains, which would not have been possible without my LLC. I have a single member LLC a

> My retirement fund benefited enormously from the Q3 2020 crypto market gains, which would not have been possible without my LLC. I have a single member LLC and a simplified employee pension plan (SEP), but don't understand how one gets crypto into a SEP without buying something like Grayscale (GBTC) through the open stock market.

tylersmith 5y ago
The LLC creates an account at e.g. Gemini. Talk with your trustee about it first.
- nodesocket 5y ago
  trustee? Lol, it is just me. I thought that crypto exchanges don't let business entities open accounts. If they do, if I open an account at Gemini under my LLC how then do I get that into my SEP though?
  - tylersmith 5y ago
    A SEP, and other retirement accounts, are trusts. The manager of your accounts is the trustee of those accounts. It can't be just you with a retirement account, there is always a trustee. E.g. Mass Mutual Trust Company, Directed Trust Company, etc The LLC is owned by the SEP (the trust). Anything owned by the LLC is in the SEP.
  - idiotsecant 5y ago
    You shouldn't be so quick to jump to assuming someone doesnt know what theyre talking about. Trustee is a technical term with meaning in this context. You should look into self-directed 'checkbook' IRAs.
idiotsecant 5y ago
rocket dollar ( or similar service ) creates a single member LLC with checkbook self-directed IRA fund access. They become your self directed IRA trustee. You then create a bank account in the name of the LLC, followed by an account with coinbase or similar under the taxID of your new LLC. You transfer money from your LLC bank account to coinbase LLC account (being careful to never comingle wallets with personal accounts) and do whatever you need with it. You can pull the crypto out of coinbase and hold it in a wallet if you want as well (as long as you bought that wallet with 401k funds)

tylersmith 5y ago

The LLC creates an account at e.g. Gemini. Talk with your trustee about it first.

nodesocket 5y ago
trustee? Lol, it is just me. I thought that crypto exchanges don't let business entities open accounts. If they do, if I open an account at Gemini under my LLC how then do I get that into my SEP though?
- tylersmith 5y ago
  A SEP, and other retirement accounts, are trusts. The manager of your accounts is the trustee of those accounts. It can't be just you with a retirement account, there is always a trustee. E.g. Mass Mutual Trust Company, Directed Trust Company, etc The LLC is owned by the SEP (the trust). Anything owned by the LLC is in the SEP.
- idiotsecant 5y ago
  You shouldn't be so quick to jump to assuming someone doesnt know what theyre talking about. Trustee is a technical term with meaning in this context. You should look into self-directed 'checkbook' IRAs.

idiotsecant 5y ago

rocket dollar ( or similar service ) creates a single member LLC with checkbook self-directed IRA fund access. They become your self directed IRA trustee. You then create a bank account in the name of the LLC, followed by an account with coinbase or similar under the taxID of your new LLC. You transfer money from your LLC bank account to coinbase LLC account (being careful to never comingle wallets with personal accounts) and do whatever you need with it. You can pull the crypto out of coinbase and hold it in a wallet if you want as well (as long as you bought that wallet with 401k funds)