How do I take a cash withdrawal or distribution from my account?

If you need to take a cash distribution from your Self-Directed IRA (SDIRA) but want to keep your account open, you can easily do so through the online portal. Please note that distributions from an IRA are considered taxable events, meaning the funds you take out will be subject to taxes. Additionally, distributions must be sent directly to you, the account holder. 

Follow these steps to submit your withdrawal request while keeping your account open:

Instructions for Taking a Cash Distribution:

1. Log in to the Online Portal Start by logging into your SDIRA account through the online portal.

2. From the Dashboard, click the Move Money button and select Distribution.

3. Choose Your Withdrawal Type

   • Partial: Choose this option if you want to withdraw a portion of your account balance.
   • Full: Choose this option if you wish to withdraw the entire cash balance from your account, but still keep the account open.

4. Enter the Withdrawal Amount Enter the amount you wish to withdraw. Please note: Do not use the dollar sign, just the amount and a decimal (e.g., 5000.00).

5. Choose Your Withdrawal Method

   • New: Select this option if you don’t have any existing Bill Pay entries set up for distributions. You will need to enter new details for this transaction.
   • Existing: Select this option if you already have an established Bill Pay entry for personal distributions.

6. Select Your Funding Method Choose how you’d like the funds to be sent to you:

   • Wire: Provide the banking details of the receiving bank for wire transfer.
   • Check: Enter the carrier details and specify how you’d like the check sent (e.g., standard or expedited delivery).

   If you selected "Existing" in Step 5, simply choose the existing Bill Pay entry from the drop-down menu.

7. Supporting Documents No supporting documents are required for a funds withdrawal.

8. Review Your Information Click the Review button to ensure all the information you’ve entered is correct. If everything looks good, click Submit to process your withdrawal request.

Processing Time

Withdrawal requests typically take 3-5 business days to process. Once processed, the funds will be sent to you via the method you selected, either by wire transfer or paper check.

Important Notes:

• Tax Considerations: Remember, all distributions are taxable events, which means you may be subject to taxes depending on the amount withdrawn and your tax situation. It's a good idea to consult with a tax professional for guidance.
• Funds Availability: Withdrawing funds from your account will not close it. You can continue to manage the remaining assets within your SDIRA.
• This is not a Transfer request: You cannot submit a Withdrawal or Distribution request to transfer funds directly to another custodian. See the instructions on submitting a Transfer Out if you wish to transfer funds directly to another custodian. 

If you have any questions or need assistance with your withdrawal request, feel free to reach out to our team for help!