A Disqualified Person is any of the following:
- The IRA account owner.
- Anyone providing fiduciary services to the plan (IRA).
- A member of the IRA account owner’s family including spouse, parents, lineal descendant and any spouse of any lineal descendant (children and their spouses).
- Any person or entity providing services to the IRA (a custodian).
- An owner, direct or indirect, with 50 percent or more ownership in the entity. This could include a combination of disqualified persons with combined interests of 50 percent or more.
- An officer, director, a 10 percent or more shareholder or highly compensated employee.