If you’re looking to rollover a SEP, in which case the SEP would no longer exist, that is allowed. You’d then just open up either a Traditional or Roth account (or both) with Choice and roll the funds into the corresponding IRA account.

Choice IRA does support SEP IRAs accounts. Check with their support, but I believe what you’d have to do is first open a SEP IRA with them, then roll the funds over. This would allow you to still contribute to the SEP IRA.

Hey Chase,

I’d speak with a tax advisor on this one.

A rollover from a Traditional 401K to a Traditional Self-Directed IRA isn’t a taxable event. Neither is a rollover from a Roth 401k To Self-Directed Roth IRA. They would be subject to the same withdrawal/penalties as any IRA from a brokerage account.

A conversion from a Traditional 401(k) to a Self-Directed Roth IRA would be a taxable event. But that’s treated as income, not capital gains.

You also mention your existing crypto holdings. Did you transfer these to Choice? If so, selling would indeed be a taxable event, although it’s considered an IRA contribution, and therefore, subject to this year’s limits ($6,000).

The main reason I rolled over was that I had parted ways with my previous employer and wanted to keep my retirement growing while I searched for a new job. I was sold on a podcast ad for Choice touting “no capital gains on crypto!”, even though I have not had to pay any capital gains taxes on my crypto so far since I bought before the laws were written and have been by and large just HODLing/staking.

I am now realizing that I did not do my due diligence. The fact that Choice is ENTIRELY self-directed means I essentially deposited cash into a brokerage account that charges 1.26% for crypto trades. My return on investment would be significantly higher if I had just bought and staked crypto on other platforms while delaying capital gains taxes until I sold my positions.

Having already paid the processing fee for the rollover, incurring the taxable event which I’ll probably owe in 2023, and realizing that Choice does not actively invest my assets whatsoever, I am really regretting what I thought would be not only a safe harbor but a growth vessel for my nest egg until I found new work. Hopefully, this makes others here think about some of the same factors I overlooked before choosing Choice for their retirement needs.

Hey Jack. Finally got around to learning more about iTrust. Liked what I saw. Doing a more in-depth review soon, gave some initial thoughts here: https://www.thewaystowealth.com/investing/best-crypto-ira-accounts/

Thanks for your comment, Susie.

To clarify, this was a review of Choice’s Crypto IRA, not Kingdom Trust as a whole, which at the time of the review was separate.

So when I was referring to lending out assets, was referring to potentially lending out your Bitcoin/Eth.

You can transfer cash to a Traditional IRA directly to Choice.

Transferring a Traditional to a Roth would be a conversion and would indeed be a taxable event.

You can’t transfer crypto to Choice, only cash. So, yes, you’d need to sell, which would be a taxable event, and then transfer the gains.