Although the calendar has flipped over to 2023, you still can open and fund a Self-Directed IRA for the 2022 taxable year. You have until April 15 to contribute up to $6,000 ($7,000 if you are at least age 50) for last year.
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About IRA Financial:

IRA Financial was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial, its management, salespersons or IRA Financial’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IRA Financial is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

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Can I Setup a Self-Directed IRA in 2023 for 2022?

If you’re considering setting up a self-directed IRA for the 2022 tax year in 2023, the short answer is no. Self-directed IRAs, like all other IRAs, must be established for the tax year in which you are making contributions. This means that if you want to set up a self-directed IRA for the 2022 tax year, you must do so before the tax deadline for that year, which is typically April 15th of the following year.

However, if you miss the deadline to set up a self-directed IRA for the 2022 tax year, all is not lost. You can still contribute to a self-directed IRA for the 2023 tax year and beyond. Self-directed IRAs offer individuals the opportunity to invest in a wide range of alternative assets, such as real estate, precious metals, private equity, and more. This can provide greater flexibility and potential for higher returns compared to traditional IRAs, which are typically limited to stocks, bonds, and mutual funds.

To set up a self-directed IRA, you will need to find a custodian or trustee that specializes in self-directed accounts. These companies can help you establish the account and guide you through the process of transferring funds from your existing retirement accounts. Keep in mind that self-directed IRAs come with additional risks and responsibilities, as you will be responsible for conducting due diligence on your investments and complying with IRS rules and regulations.

In conclusion, if you’re looking to set up a self-directed IRA for the 2022 tax year in 2023, it’s unfortunately not possible. However, you can still establish a self-directed IRA for the 2023 tax year and take advantage of the benefits that come with investing in alternative assets. Be sure to do your research and consult with a financial advisor to determine if a self-directed IRA is the right choice for your retirement savings goals.