An overview of the most common funding methods for the Unchained IRA
Before you can fund your Unchained IRA, you will first need to complete your IRA Onboarding and set up a new IRA at Solera National Bank (Traditional, Roth, or SEP), as well as create an IRA vault on our platform. Once you complete those steps, you will be able to initiate the funding process.
There are multiple ways to fund your Unchained IRA. The most common are:
- IRA-to-IRA transfer
- 401(k)-to-IRA rollover
- Annual contribution
We'll cover these below. You can also fund your IRA from a few other types of retirement accounts. Contact our team to check if we can support your preferred funding method.
Video guide
Watch this short video for a quick run-through of how to fund your Unchained IRA.
IRA-to-IRA transfer
Unless your funds are already in an existing bitcoin IRA, you will need to liquidate the IRA assets at your current custodian before they are transferred.
In order to initiate your IRA transfer:
- Submit a transfer form to Solera's portal.
- Solera will reach out to your current custodian to coordinate the transfer of USD.
- Once your custodian processes the transfer request, your IRA funds will be sent to Solera, and we will work with them to convert the funds into bitcoin and deposit them into your IRA vault.
Tip: If you already have a bitcoin IRA with another provider, you can execute an in-kind transfer, allowing you to transfer bitcoin directly to your Unchained IRA. You will need to speak with your current custodian to see if they allow for in-kind transfers.
401(k)-to-IRA rollover
You are typically only able to roll over 401(k) assets if it is a plan from a former employer.
To initiate a 401k-to-IRA rollover:
- Reach out to your 401(k) plan administrator, and inform them that you will be rolling over your plan into an IRA.
- Your administrator will cut you a check made payable to Solera National Bank and mail it to you.
- Once you receive the check, you will mail that check to Solera.
- There is a settlement period of ~5 days for the check to clear once it arrives at Solera, after which, we will work with them to convert the USD into bitcoin and deposit them into your IRA vault.
This is the same process you would follow for all employer-sponsored plans (403(b), 457(b), TSP, etc.).
Note: If you have a 401(k) with a current employer, you are only able to roll that into an Unchained IRA if your plan allows for "in-service distributions." It is uncommon for employers to allow this, but you can reach out to your current plan administrator to see if it is an option.
Annual Contribution
You can also fund your Unchained IRA on an ongoing basis by making an annual contribution. To execute an annual contribution to your Unchained IRA:
- Mail a check with an annual contribution form to Solera National Bank.
- There is a settlement period of ~5 days for the check to clear once it arrives at Solera, after which, we will work with them to convert the USD into bitcoin and deposit them into your IRA vault.
Note: There is a $6,000 minimum for each transfer, rollover, or annual contribution.
No contents of this article may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.