There are several prohibited transactions you must avoid as an IRA owner.
A prohibited transaction occurs when an account owner uses IRA assets in a self-serving or self-dealing manner that improperly benefits him or her. If a prohibited transaction occurs, it can result in massive taxation and penalties.
Learning more about what constitutes a prohibited transaction will help you avoid unintentionally engaging in one.
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 425-252-4032.
This material was prepared by Ed Slott. Ed Slott is not affiliated with Bailey Wealth Services or LPL Financial