Iraqi Dinar in your IRA
It is possible to purchase Iraqi Dinar in your IRA (even Roth IRA). With such a unique investment, you will need to open a self-directed IRA. New Direction IRA specializes in making it possible for you to purchase non-traditional investments such as foreign currencies.
New Direction IRA is equipped to handle all the requirements involved with Dinar in your IRA, such as valuations for IRS reporting and account administration.
Q. Does New Direction IRA choose the Dinar dealer?
No, the dealer is up to you. The account holder is responsible for choosing the Dinar dealer and the amount they would like to purchase. New Direction IRA does not sell any product nor promote any products or vendors.
Q. How do I purchase Dinar with my IRA?
There are 4 main steps when purchasing Dinar in your IRA
1. Establish a new account with New Direction IRA, Inc. To open your account New Direction will need the following:
a. 3 page application
b. 1 page fee schedule
c. copy of your driver’s license
d. $50 account opening fee by check
(payable to: New Direction IRA) or Visa/MasterCard
All of these are needed to open an account.
2. Fund the new account with a transfer, rollover or a contribution.
3. Determine how much Dinar you would like to purchase in your IRA and instruct New Direction to purchase the Dinar on behalf of your IRA with a Buy Direction Letter.
4. After the Dinar is purchased, it will be stored at a depository of your choice.
Q. Can I move funds from another IRA to New Direction IRA?
Yes, any IRA can be transferred or rolled over from your current IRA to a new self-directed IRA with New Direction IRA. If you do not have an IRA you can open one with New Direction and fund it with a contribution. For more information, please visit our plans page.
Q. Where can I store the Dinar?
The IRS states that the investment needs to be at arms length. You cannot store the Dinar personally.You will need to store the Dinar at a depository. If you do not know which depository to use, you can ask your dealer. Many times your Dinar dealer has an established relationship with a depository and will assist you with the process.
Q. Can I purchase Dinar with a Roth IRA?
Absolutely, you’re permitted to purchase Dinar with any type of IRA account. New Direction IRA provides a variety of options including: Tradiational IRAs, Roth IRAs, SIMPLE IRAs, SEP IRAs, and more.
Q. Can I contribute Dinar to my IRA instead of US Dollars?
The IRS requires that you contribute dollars to your retirement account. Your Self Directed IRA may then purchase directly from a Dinar Dealer using our Buy Direction Letter.
Q. How do I get Dinar I already hold into my IRA?
The IRS restricts you from doing business across the table from yourself, your spouse, and all your direct lineal family members (and their spouses). Your IRA must make a new purchase of Dinar since you aren’t allowed to purchase anything from yourself or direct lineal family members.
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