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I had a 401(k) with my employer, who I left recently. I'm considering rolling this over into an IRA since I will avoid a small maintenance fee this way, but I'm not sure if I will lose the ability to roll over some of my retirement funding to start a business.
I found this page which says that can rollover from any "qualified" IRA – does anyone know how I can determine if my IRA is qualified? From elsewhere in the article it seems like maybe all IRAs are qualified?
You can't do what you would like to do, unless your business has another, unrelated investor or is willing to invest an equal amount of funds + .01 into a corporation which will employ you.
You will then need to set up a self-directed IRA.
Additionally, you will need a trustee to account for all the disbursements from your IRA.
A self-directed IRA could be a good solution for you and all IRAs are qualified IRAs the administrator must allow for alternative assets. However, if you're looking to do the ROBS (Roll Over Business Start-up) system, there are not very many administrators that can facilitate that. There is also a checkbook IRA (aka single member LLC) that more administrators are able to work with, but the rules are different from a ROBS plan. Check with your financial adviser, CPA, tax guru and ask which method would work best for what you're looking to accomplish.
