Checkbook IRA Reviews: Best Providers & Custodians for 2026
Compare top checkbook IRA companies, fees, and services to find the right custodian for your self-directed retirement account.
Key Takeaways
- 1Checkbook IRA gives you direct control over alternative investments
- 2Not all custodians offer checkbook control—specialized providers required
- 3Setup fees typically $1,000-$3,000, annual fees $200-$500
- 4Key features: LLC setup assistance, operating agreement templates, compliance support
- 5Best providers offer education, responsive support, and IRS audit defense
- 6Compare fees carefully—hidden costs can erode investment returns
What Is a Checkbook IRA?
A checkbook IRA (also called IRA LLC) gives you direct control over your retirement investments without custodian approval for each transaction:
- Your IRA owns a limited liability company (LLC)
- You control the LLC as manager
- LLC has checking account for investments
- Write checks or wire funds for alternative assets
- No custodian approval needed for each transaction
- Common for real estate, private equity, notes, precious metals
Checkbook IRA vs Traditional Self-Directed IRA
Traditional SDIRA: Custodian must approve and execute each transaction (slow, fees per transaction). Checkbook IRA: You control LLC checking account directly (fast, no per-transaction fees).
Top Checkbook IRA Providers
These specialized custodians offer checkbook IRA setup and support:
- IRA Financial Group: Best overall for first-time checkbook IRA users
- Rocket Dollar: Best for tech-savvy, cost-conscious investors
- Directed IRA: Best for real estate focus
- All include LLC formation, operating agreement, and EIN
- Most offer ongoing compliance support and audit protection
| Provider | Setup Fee | Annual Fee | Best For |
|---|---|---|---|
| IRA Financial Group | $1,295 | $360 | Comprehensive support, education |
| Rocket Dollar | $360-$600 | $15-$30/mo | Tech-savvy investors, low cost |
| Directed IRA | $995 | $295 | Real estate investors |
| Equity Trust | $1,500+ | $225+ | Established provider, many options |
| Quest Trust | $1,000+ | $295+ | Alternative assets expertise |
| Madison Trust | $750+ | $275+ | Smaller accounts, personalized service |
Complete Fee Comparison
Understand the full cost structure before choosing a provider:
- One-time setup: $360-$1,500 (LLC formation, documents, filing)
- Annual custodian fee: $200-$500 (IRA administration)
- State LLC fees: $50-$800/year (varies by state)
- Per-transaction fees: Usually none with checkbook control
- Asset-based fees: Avoid providers charging % of assets
- Hidden costs: Watch for processing fees, wire fees, statement fees
| Fee Type | Traditional SDIRA | Checkbook IRA |
|---|---|---|
| Setup | $50-$300 | $1,000-$1,500 |
| Annual admin | $295+ | $200-$500 |
| Per transaction | $50-$150 each | $0 (you control) |
| Real estate purchase | $150-$300 | $0 |
| Asset-based fees | Sometimes 0.5-1% | Rare |
| Total for 10 transactions/yr | $1,000-$2,000+ | $200-$500 |
Break-Even Analysis
If you make 3+ alternative asset transactions per year, checkbook IRA usually saves money despite higher setup cost. The per-transaction savings add up quickly.
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What to Look for in a Checkbook IRA Provider
Key features and services that separate good providers from great ones:
- Complete LLC setup: Formation, operating agreement, EIN, bank account guidance
- State expertise: Knowledge of best states for LLC (Wyoming, Delaware, Nevada)
- Compliance support: Prohibited transaction education, ongoing guidance
- Audit defense: IRS audit support or insurance
- Educational resources: Webinars, guides, real examples
- Responsive support: Quick answers when you need them
- Technology: Online portal, document storage, reporting
- Asset flexibility: Experience with your investment type (real estate, crypto, etc.)
Checkbook IRA Setup Process
What to expect when establishing your checkbook IRA:
- 1Choose custodian and open self-directed IRA account
- 2Fund IRA via rollover, transfer, or contribution
- 3Custodian forms LLC in your chosen state (or uses existing)
- 4IRA becomes 100% owner of LLC (you cannot personally own any part)
- 5You are named LLC manager (control without ownership)
- 6LLC receives EIN from IRS
- 7Open LLC business checking account
- 8Fund LLC checking account from IRA
- 9Begin investing directly from LLC account
- 10Maintain proper records and stay compliant
Critical Compliance Point
Your IRA must be 100% owner of the LLC. You control it as manager but cannot have any personal ownership interest. Violating this creates a prohibited transaction and disqualifies the entire IRA.
Checkbook Control for Gold IRA
Checkbook IRAs provide maximum control and flexibility for precious metals investing:
- Direct control allows quick purchases when gold prices dip
- Faster transactions without waiting for custodian approval
- Access to wider range of dealers and better pricing
- Ability to invest in other alternative assets alongside gold
- Augusta Precious Metals can help establish Gold IRA with checkbook control for qualified accounts
Frequently Asked Questions
1Is a checkbook IRA legal?
Yes, checkbook IRAs are completely legal when structured properly. The IRS has never challenged the concept of an IRA owning an LLC that you manage. However, you must follow prohibited transaction rules and maintain proper structure.
2What's the difference between a checkbook IRA and self-directed IRA?
A self-directed IRA allows alternative investments but requires custodian approval for each transaction. A checkbook IRA is a type of self-directed IRA that uses an LLC structure to give you direct control via a checking account, eliminating per-transaction custodian involvement and fees.
3Can I use my existing IRA to set up a checkbook IRA?
Yes, you can transfer or roll over funds from an existing Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, or 401k into a self-directed IRA with checkbook control. The process is typically tax-free if done correctly.
4What investments can I make with a checkbook IRA?
You can invest in real estate, private equity, promissory notes, precious metals, cryptocurrency, tax liens, and more. You cannot invest in life insurance, collectibles (art, antiques), or S-corporations. You also must avoid prohibited transactions with disqualified persons.
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