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PDtax
PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1922
Experience:  32 years tax experience, including four years at a Big 4 firm.
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this may be a question for a tax lawyer. I have 158000 in

Customer Question

this may be a question for a tax lawyer. I have 158000 in an old met life 403b account from an old job from 1994-2002 and a self employed 401k for 440000 with" 'rbc wealth management" a national investment firm. I would like to take my 158000 from met lfie + 92,000 from a mutual fund at rbc and invest in a well researched industrial project that a group of 8 of us has already raised 10 million in cash for. I am already investing 250,000in cash in this project which was originally envisioned as a "pass through" setup and want to put another 250,000 in tax deferred, this project is a major industrial landfill, with a project life span of 16 years and 0 residual value with 13million left in a environmental fund after capping. ihave been referred to" mellon-bny" by metlife and referret to "millennium investments" van nuys calif by rbc, iam looking for guidance on what type of accontants or tax lawyers could help with yearly valuations and trusteeship that stays within legal limits thanks
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

PDtax :

Welcome to the site. I can help you today.

PDtax :

going to Q & A...

PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1922
Experience: 32 years tax experience, including four years at a Big 4 firm.
PDtax and 8 other Tax Specialists are ready to help you
Expert:  PDtax replied 1 year ago.
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Expert:  PDtax replied 1 year ago.
So, to make sure I understand your question,

You have two tax deferred accounts you want to use to fund some of your investment in a project. And you want the investment to remain tax deferred.

I think I can suggest a way: A self-directed 401(k) or IRA. It's set up with a trustee, there is a small admin fee annually, but you don't appear to disqualify from any of the requirements for self-dealing and the like.

The entity taxes rollover funds from your other accounts, tax free trustee-to-trustee. The self-directed IRA or 401(k) then cuts the check and takes the investment interest, as an LP interest, LLC or other fractional share.

I did not check the rules to see if your existing investment disqualifies you from adding self-directed retirement funds as well, but I think that's a good start toward your solution.

Thanks for asking at just Answer. Please advise if you need follow up. I'm PDtax.
Customer: replied 1 year ago.

do you take private clients for this kind of work joel XXXXXXXXX

Expert:  taxmanrog replied 1 year ago.
The RBC is a Canadian pension plan, and it CAN NOT be rolled into a US IRA. They are two totally different animals! In order to be rolled into a US IRA, the plan has to be an IRS qualified plan. The RBC is a Canadian plan, and is therefore not qualified in the eyes of the IRS or the US Department of Labor, which gives the qualification rules.

If you want to be technical, unless you made an election when you first participated in the Canadian RBC, the earnings are taxable each year! You need to make this election on a US Form 8891. Without this election, the earnings are taxable each year. With the election, the RBC is treated as an IRA only for the tax deferral aspect. The election does NOT make the RBC a qualified plan.

I hope this helps!
Expert:  taxmanrog replied 1 year ago.
See my answer.
Customer: replied 1 year ago.

RBC is an American management company, not Canadian. They handle my American retirement account. (401k).
Expert:  taxmanrog replied 1 year ago.

OK. RBC is also Royal Bank of Canada, which handles the Canadian RSSP and RSP retirement accounts.

 

Sorry about that!

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