Who is a “Disqualified Person”?

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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.