IRA End of year checklist
End of year checklist: IRA LLC or IRA Trust
- For IRA LLCs, the LLC is owned by your IRA. You must maintain each component- the IRA and the LLC, for your IRA LLC to remain active and compliant.
- For IRA Trusts, the Trust is owned by your IRA. There is no LLC to maintain with the state.
For the IRA
1. Annual valuation: Submit the annual valuation to the custodian
The custodian will contact you in November/December of each year for an annual valuation of your LLC or Trust. This is required for custodial reporting on behalf of your IRA.
The annual valuation is the total of all assets of the LLC or Trust:
- Cash held by the LLC or Trust checking account, plus
- Value of all investments of the LLC or Trust
Investments should be calculated at their current value. For real estate properties, an estimate based on Zillow can be used to calculate their value.
2. Contributions: Make the contributions to your IRA, if planned
Contributions can be made to the IRA. These are then moved to the LLC or Trust by the custodian.
If you plan on making a contribution to your IRA, submit the contribution and appropriate form to your IRA custodian by their deadline.
3. Custodial fee: Maintain a current payment method with Sense Financial
Custodial fees must be paid to maintain your IRA, which is required for your IRA LLC or IRA Trust to exist.
Your custodial fee is collected by Sense Financial. Our arrangement with the custodian gives Sense Financial clients a special rate.
For the LLC, if you have an IRA LLC
4. State requirements: Check and submit the requirements for your LLC’s state
Each state differs in its requirements.
Depending on the state of your LLC, it may or may not require any of the following:
- Annual or biannual report
- Fee submitted to the state with the report
- Taxes filed with the state
The requirements for the state of your LLC were emailed to you when the LLC was first established.
Check with your CPA if a return is required by the state for your LLC.
5. Address updates: Submit address updates, if any, with your LLC’s state
6. Registered agent: Renew your registered agent service, if using
You may be the registered agent of your LLC, or you may have named another individual or registered agent service as the registered agent of your LLC.
Each state requires a registered agent, who resides in the state of filing, for the LLC. The registered agent is required to receive process on behalf of the LLC.
When your LLC was filed, a registered agent was named.
If you are using a registered agent service, make sure to renew your service in order to keep it active for the LLC.
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