March 2019 Note from the Principals

It’s the time of year when taxes are on our minds, and we may still be putting the finishing touches on 2018. To this effect, remember that your 2018 account statements are now available on your myDirection® pages. To access your statements:

  • Log in to myDirection® to access your account dashboard.
  • Once logged in, click “Documents” in the column on the left-hand side of your screen.
  • Your account documents will be listed with the most recent additions on top. Your 2018 end-of-year document (named “2018_Statement”) will presumably be near the top as such.
  • Toward the right-hand side of the screen, click “view” or “download” to review your statement.

We have also posted Form 1099-Rs in this same manner. However, you will only receive a Form 1099-R if you took an IRA distribution in 2018. If you did not withdraw cash or assets from your self-directed IRA last year, you will not see a Form 1099-R on your myDirection® page.

Your Form 5498—which reports the 2018 fair market value of your account as well as your 2018 contributions—will be available in May upon conclusion of the 2018 tax year. Please reference your 2018 account statement for any necessary transaction information until that time.

Also keep in mind that you may need to carry out certain actions on behalf of your account depending on your investment model:

  • Unrelated business income tax (UBIT) – If your IRA earned income from a pass-through operating business or from debt-leveraged property, it may have to pay taxes on those earnings.
  • Form 1099-MISC – Your IRA may have to issue Form 1099-MISCs to any vendors or borrowers who received money from your account in 2018.

Contact our sister company, IRA Tax Services, for assistance with UBIT or Form 1099-MISC. For more information about self-directed investing or your alternative investment options, please feel free to give us a call at 877-742-1270 or send us an e-mail at


Catherine Wynne & Bill Humphrey