Are you aware of what constitutes a prohibited transaction as an IRA owner? Anytime an account owner uses IRA assets in a self-serving or self-dealing manner that improperly benefits them, they are conducting a prohibited transaction.

Making one of these moves with your IRA can result in massive taxation and penalties. But how do you know if you’re making a prohibited transaction? It’s crucial that you understand how you can unintentionally engage in one, so you can avoid it.

Click here to download “Protecting an IRA from Prohibited Transactions in 5 Easy Steps.”

To learn more about the rules surrounding your retirement account(s), contact our office at questions@richmondbrothers.com or 517-435-4040 to schedule a time to visit.