Rollover Process with IRA Financial for Traditional IRA
IRA Financial Trust is a South Dakota-chartered trust company specializing in checkbook IRAs, Solo 401(k) plans, and cryptocurrency IRAs. Founded by former tax attorney Adam Bergman, it is one of the leading custodians for investors who want direct checkbook control over their SDIRA investments without custodian approval for each transaction. Annual fee: flat $400/year.
1Expert Analysis: IRA Financial
A deep dive into platform competence. IRA Financial occupies a unique niche among SDIRA custodians: it is simultaneously the leading provider for cryptocurrency IRAs and the most accessible checkbook IRA LLC formation service. The two don't traditionally overlap — crypto investors and real estate investors have different needs — but both benefit from IRA Financial's core value proposition: maximum account holder control over investment decisions, with minimum custodian friction on each transaction.
When opening a Traditional IRA, selecting your custodian determines your overhead cost and execution speed.The checkbook IRA LLC is the most powerful SDIRA structure for active investors — and the most legally demanding. When IRA Financial forms the LLC, the account holder receives operating agreement documents, an EIN, and a business bank account. From that point forward, the account holder acts as LLC manager and can execute investments without per-transaction custodian approval. The compliance responsibility shifts entirely to the account holder — there is no investment direction review process to catch potential prohibited transactions before they happen. This structure requires genuine understanding of the prohibited transaction rules, not just theoretical awareness.
- Cryptocurrency IRA investors — broadest crypto selection and best mobile trading interface
- Active real estate investors who need same-day transaction execution (checkbook IRA)
- Self-employed investors who want a Solo 401(k) with checkbook control
- Sophisticated SDIRA investors comfortable managing their own compliance within a checkbook IRA
2IRA Financial Fee Schedule
Fees compound over the life of your Traditional IRA. Always evaluate the total cost basis.
Setup Fee
$0 for standard SDIRA; $999 for checkbook IRA LLC formation (includes legal formation, operating agreement, EIN, LLC bank account setup)
Charged one-time upon account initiation.
Annual Fee
$400/year flat fee for standard SDIRA
Incoming Rollovers
$0 — no fee for incoming direct rollovers
Direct rollovers are typically free to originate on the receiving side.
3Traditional IRA Considerations
How IRA Financial specifically handles the Traditional IRA asset class and structure.
Standard or checkbook SDIRA. $400/year flat. Best for active investors who value speed.
Tax Destination Character: All pre-tax assets in the traditional IRA grow tax-deferred. Distributions in retirement are taxed as ordinary income. After-tax contributions (if any) require Form 8606 tracking to avoid double taxation.
4Rollover & Account Opening Process
Moving funds via direct rollover into your new Traditional IRA.
- Complete online application at irafinancialgroup.com — 15–20 minutes.
- Select account structure: standard SDIRA, checkbook IRA LLC, or Solo 401(k). Checkbook IRA selection triggers LLC formation process.
- For checkbook IRA: IRA Financial legal team forms the LLC, drafts operating agreement, obtains EIN, and opens LLC bank account (typically 7–14 business days). Cost: $999 one-time.
- Fund account via direct rollover — provide FBO details to sending plan. For checkbook IRA, the rollover goes to the SDIRA; the SDIRA then funds the LLC.
- For standard SDIRA: investment direction forms submitted online. For checkbook IRA: account holder writes checks or wires directly from LLC bank account.
5Common IRA Financial Pitfalls
Mistakes specific to the IRA Financial platform.
Using the checkbook IRA LLC for a prohibited transaction without custodian-level review
The checkbook IRA's defining feature — the ability to execute investments without per-transaction custodian approval — removes the custodian review that sometimes catches prohibited transaction issues before they execute. Account holders who don't fully understand the disqualified person rules may inadvertently execute a prohibited transaction (lending to a family member, renting to a child) without the friction that standard investment direction review provides. The checkbook IRA is powerful but requires the account holder to internalize the prohibited transaction rules completely.
Paying the $999 LLC formation fee for a precious metals-only SDIRA
The checkbook IRA LLC is designed for investors who need transaction execution speed — real estate investors, active private lenders, crypto traders. For a Gold IRA where metals are purchased once and held for years, the $999 LLC formation fee provides no meaningful benefit. A standard Directed IRA or Equity Trust account achieves the same investment outcome for $0–$50 in setup fees. The checkbook structure is worth $999 only when the speed or autonomy benefit actually applies to the intended investment.
Assuming the flat fee covers crypto trading commissions
IRA Financial's $400/year flat fee does not include crypto trading commissions. Each crypto trade on the IRA Financial platform incurs a 1% transaction fee. On a $100,000 Bitcoin purchase, that is $1,000 in trading fees on top of the annual fee. For buy-and-hold crypto investors, this is a one-time cost. For active crypto traders, the 1% per-trade cost can compound significantly. Compare the total cost (annual fee + trading commissions) to the $295 flat fee at Directed IRA plus lower per-trade rates.
6Frequently Asked Questions
What is a checkbook IRA and why would I want one?
A checkbook IRA is an SDIRA that funds an IRA-owned LLC. As the LLC manager, you can write checks or wire money directly from the LLC's bank account to make investments — without submitting an investment direction letter to the custodian for each transaction. This means you can close a real estate deal the same day, fund a private loan immediately, or trade crypto instantly. The trade-off: you have sole responsibility for ensuring every transaction complies with the IRS's prohibited transaction rules. IRA Financial charges $999 for LLC formation plus $400/year for custodian fees.
Is IRA Financial the best choice for a crypto IRA?
IRA Financial is one of the strongest options for a crypto SDIRA, offering 100+ cryptocurrencies, a mobile-first trading platform, and integration with Gemini and Coinbase Custody. However, since Bitcoin spot ETFs became available in 2024, most investors can access Bitcoin in a standard IRA at Fidelity or Schwab with 0.12–0.25% expense ratios and no custodian fees. The IRA Financial crypto SDIRA makes sense if you specifically want to own actual cryptocurrency (not ETFs) or if you want to trade altcoins that aren't available as ETFs.
How does a Solo 401(k) at IRA Financial differ from a regular IRA?
A Solo 401(k) is a retirement plan for self-employed individuals with no employees other than a spouse. It allows both employee contributions ($23,500 in 2026 + $7,500 catch-up for 50+) and employer contributions (up to 25% of compensation) — enabling total contributions up to $70,000/year, far above the IRA limit of $7,000/year. IRA Financial's Solo 401(k) can include checkbook control, Roth contribution options, loan provisions, and alternative asset investment. It's the most powerful retirement plan available to self-employed individuals.