Posted by CarolFL on July 01, 2001 at 15:17:35:
Mid-Ohio Securities Corp.
Their info is no doubt still on this site.
Sammy – Kiss my ?? - Posted by Baron
Posted by Baron on July 01, 2001 at 12:03:07:
Had an idea while I was zoning on my treadmill today. Just recently found your web site so don?t know if its been covered before.
I?m thinking about turning my wife?s 401k from a job she recently quit into a Roth IRA. Go ahead and take the tax hit on it now, then, sell my notes to the Roth IRA. That way, when we turn 59½ and its worth millions, take this job and Uncle Sammy kiss my grits, you don?t get a dime of it!
Sounds too good to be true. Well — is it?
Baron
Re: Sammy – Kiss my ?? - Posted by Glen Tims
Posted by Glen Tims on July 05, 2001 at 14:01:53:
I don’t know much about Roth IRA’s but Ernest Tew does. There’s a right way and a wrong way to move money into your Roth IRA. If I were you, I’d talk to Ernest before I did anything. Post for Ernest at the commercial discussion group.
Good-Luck!
Re: Sammy – Kiss my ?? - Posted by Verva
Posted by Verva on July 03, 2001 at 11:09:43:
Why not teach the wife how to do her own? That way if anything happens to Baron she isn’t left in the dark. She could buy paper or property. But she would know what was going on.
Re: Sammy – Kiss my ?? - Posted by KeithK2
Posted by KeithK2 on July 02, 2001 at 13:35:09:
I think I asked the same thing of my accountant last year and he told me that I can CONTRIBUTE any notes I hold in my name to a self-directed IRA but I cannot SELL notes I hold in my name to the SDIRA. That would be self dealing
He said he’s seen some people direct the IRA to purchase notes held in some other entity’s name but then get burned when it was discovered in an audit that the entity was under the control of the IRA owner (another case of DISGUISED self dealing that cheeses off the Infernal Revenue types even more cuz it’s OBVIOUS you were being sneaky) 
There may be some way of selling these notes to another entity that would get a more favorable tax treatment but that’s beyond my level of expertise.
Sorry I couldn’t help any more
All Success
Keith
Self dealing may be an issue here… - Posted by Michael Morrongiello
Posted by Michael Morrongiello on July 01, 2001 at 20:42:52:
Baron:
Love your thoughts, however you want to make certain that any assets where you directly interact/ sell, lease, etc. with your spouses Roth IRA are not considered “self dealing” as this may invalidate your ability to “sell your notes to your wifes Roth IRA…”
Now, if you sold these notes to your brother, and then he were to sell them back to your wifes Roth IRA…Hope you understand what may be suggested here.
Consult with a competent tax adviser to assure yourself this is feasible.
To your success,
Michael Morrongiello
Re: Sammy – Kiss my ?? - Posted by Baron
Posted by Baron on July 01, 2001 at 13:56:01:
Have since found companies that will act as custondian for this very thing. But, don’t know anything about them. Anyone know any reputabale companies that work with self-directed IRA’s.
Re: Sammy – Kiss my ?? - Posted by ejay
Posted by ejay on July 03, 2001 at 22:55:52:
If you are a business (IE: any business, C Corporation, S Corporation, partnership, sole proprietorship,self-employed,)you can establish a SEP-IRA or Simplified Employee Pension IRA. A SEP-IRA is a tax deferred retirement plan provided by small businesses or sole proprietorships. Contributions are made by the employer only,up to 15% of each employee’s total compensation. Max contribution is $25,500, and employers can deduct contributions from the business’s pre-tax income. Self employed individuals can deduct a maximum of 13.05% of salary into the plan.
A SIMPLE-IRA (Savings Incentive Match Plan for Employees-IRA) is a tax deferred retirement plan also for small businesses(100 employees or less) or the self employed, contributions are made by the employer and employee (in the case of a sole proprietorship, you are employer and employee) for up to 3% of employee compensation (max employee contribution is $6,500,and can be 100% matched by employer, for a max total of $12,500.) Employers and employees can deduct contributions from pre-tax income, and if you are self employed, you can get both deductions.
Both of the SEP and SIMPLE IRA’s offer an opportunity to put away more than the current max contribution made to regular IRA’s. But Wait! there’s more! both IRA’s can be converted to a ROTH IRA! so you can get the high max contributions of a SEP or a SIMPLE IRA (SEP - $25,500.00, SIMPLE - 12,500) and tax free status of a ROTH. There are restrictions on the conversion for the SIMPLE and SEP IRA(two year wait from date of 1st contribution to SIMPLE before you can convert to a ROTH),and both SIMPLE and SEP conversions are taxed as income when conversion is made. And after all that, you can still make contributions to a regular IRA. What at deal. For more details on SEP IRA and SIMPLE IRA: HTTP://www.creonline.com/art-161.html or simpleirasite.com , or sepirasite.com or quicken.com