How do I withdraw or distribute an asset to myself and close my account?

If you're ready to withdraw or distribute assets from your IRA and close your account, follow the instructions below to create a Direction of Investment (DOI) request. The process will allow you to distribute the cash or assets in your IRA to yourself personally, and ultimately close your account. Please note that distributions from an IRA are considered taxable events by the IRS.

Preparation:

Before you start the process, please ensure you have the necessary information:

• Real Estate Withdrawals: If you're withdrawing real estate, you will need to provide:
  • A Quitclaim Deed for each real estate asset.
  • An appraisal of the property that was conducted within the last 30 days.

Instructions to Create a DOI for Closing Your Account and Distributing Assets:

1. Log in to Your Online Account
   Begin by logging into your SDIRA account via the Online Portal.

2. From the Dashboard, click on the Move Money button and choose Distribution.

3. Withdrawal Type
   Choose Full

4. Enter the Withdrawal Amount
   Enter 1.00 (without a dollar sign, just the decimal amount). This ensures that any fees associated with the closure of the account will also be withdrawn.

5. Select the Withdrawal MethodChoose either New or Existing

6. Select the Funding Method
   Choose your preferred method of payment for the funds:

   • Check
   • Wire
     Fill in the required payment information according to your selected method.

7. Upload Supporting Documents
   If you're withdrawing real estate, ensure you upload the Quitclaim Deed and the property appraisal (for real estate withdrawals only).

8. Complete and Upload the Withdrawal Form
   The Withdrawal Form is required to process your request. Please complete the form with all necessary information, then upload it to your account in the Documents tab.

9. Review the Information
   Click Review to confirm that all the details you've entered are correct.

10. Submit the Request
    Once everything looks accurate, click Submit to process your withdrawal and account closure request. If you need to make corrections, click Back to revise your submission.

Additional Information:

• List of Non-Cash Assets: In Section 6 of the WITHDRAWAL FORM, please list all non-cash assets and asset ID numbers that are held in the IRA. This ensures that we can properly process the withdrawal of any non-cash assets.

• Tax Advisory for MySOP Assets: If you are distributing a MySOP asset from a 401k account, it is highly recommended to consult with a tax professional about any potential tax liabilities. Please note that AET does not perform tax reporting for 401k accounts; this responsibility lies with the account holder.

Taxable Event Notice:

Distributions from an IRA are considered taxable events by the IRS. This means that the amount you withdraw may be subject to taxation, depending on your individual circumstances. It is important to consult with a tax professional to fully understand the tax implications of your distribution.

Status Check:

• After submitting your withdrawal request, you can check the status of your transfer by logging into your account or by calling us at 800-454-2649.

Viewing DOI Notes:

1. Navigate to the Invest tab and select DOI.
2. Locate your DOI (usually at the top) and click on the 3 dots next to it.
3. Choose See DOI Details.
4. Scroll to find the Notes section for more details on the status and progress of your request.

Processing Time:

Once all required documentation is received, it can take up to 3-5 business days to process your withdrawal request.

We recommend reviewing all withdrawal requests carefully and consulting with a tax professional if you are unsure about any tax implications associated with your distribution. If you need any assistance or have further questions, feel free to contact us. We're here to help!