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Income flows directly into the IRA and expenses must be paid with funds from the IRA. You are not allowed to pay expenses personally and reimburse yourself. If you partnered your IRA funds to invest, income and expenses are received and paid based on the percentage of ownership the account holds.

There are three different ways to fund your account: Make an IRA-to-IRA transfer Roll funds over from your 401(k) or another employer-sponsored plan By annual contribution

Transfers can take two weeks to complete. The process may take more or less time depending on the funds requested, how the transfer is submitted, and the custodian involved.

Life insurance and collectibles are restricted items pursuant to IRS Code 4975. Collectibles include: antiques, works of art, metals (with the exception of gold, silver and palladium bullion), rugs, gems, stamps, coins, alcoholic beverages, and other tangible items of personal property as defined by the Secretary of Treasury. IRC 4975 also defines disqualified persons as those persons and entities are prohibited from doing business with your IRA.

All assets purchased with IRA funds are titled in the name of the custodian or administrator of the account. The IRA, not you, owns the investment. Here is an example: Advanta IRA FBO John Doe IRA #12345.