Thank you for Being a Midland Client

It is a privilege to have you as a client of Midland Trust. We are always here to answer your questions and make the self-direction process as easy as possible. Our client center was designed specifically for Midland clients.

The client center includes: FAQs, Online Chat, Forms, Document Upload, and access to your Online Client Portal where you can pay bills, request a distribution, view transactions, make contributions, and more!

Click on one of our links above or below for more information.

Understanding My Account

What is a Fair Market Valuation?

A fair market valuation (FMV) is an estimate of the market value of an asset based on what a willing buyer would pay to a seller. Midland requires a FMV once per year, per asset. You can update your FMV by using your Midland 360 online portal and can also update the value by submitting a Fair Market Valuation Form.

What is a Required Minimum Distribution (RMD)?

An RMD is the required amount of funds to be withdrawn from a pre-tax account (i.e. a Traditional IRA or 401(k)) once the account owner turns 70 ½ or when an account is inherited.

What is UBIT/UDFI?

Unrelated Business Income Tax is a tax for operating businesses that utilize tax exempt entities such as retirement accounts. UBIT income is derived from a trade or business regularly carried out by the tax-exempt organization that is not substantially related to the exempt organization’s exempt function. 401(k) assets are not subject to UBIT. UDFI is capital gains on the profits from the sale of real estate or other IRA assets. You will want to verify with a CPA if your investment may generate UBIT or UDFI.

What is a 990-T filing?

The tax due for UBIT is reported on IRS Form 990-T, and the rates are based on the current Trust Tax Rates. Trust tax rates accelerate faster than corporate and individual rates; the tax is calculated and paid annually. There is no tax on the first $1,0000 of net income.

What are the contribution limits?

    1. There are different contribution limits depending on your account type and your age. You can view the limits on our IRA contribution limits page.

What do my Midland fees cover?

Midland fees cover the administration of your IRA account(s). The annual fees associated with your account cover items such as: tax reporting, account maintenance, custody of the asset on behalf of the IRA, as well as  processing any incoming and outgoing funds (additional one-time transaction fees may apply, view our Fee Schedule for details).

What is a 5498?

IRS Form 5498 is used to report contributions and/or rollovers made to the IRA (as well as the fair market value of the IRA account) for a given tax year. This form is filed on an annual basis by Midland on or before May 31st. You are not required to file this form with your tax return, however you can find it under the “Documents” tab of your Midland360 portal.

What is a 1099-R?

Tax Form 1099 reports various types of income for a given tax year. The version produced by Midland is a 1099-R which is used to report the distribution of funds from a retirement account. You can find your 1099-R under the “Documents” tab of your Midland360 portal.  This form is also mailed to any client who took a distribution no later than Jan 31st of the following tax year.

Where can I find a breakdown of fees for my account?

An itemized breakdown of fees is sent to the email address on file once a payment has come due or has been processed. Additionally, you can view all Fee Statements produced for your account under the “Billing” section of your Midland360 portal.

Where can I find statements for my account?

You can utilize your Midland360 online portal to create a custom snapshot for a specified period of time for your account. For a full, detailed account statement, go to your “Documents” tab; account statements are uploaded on a quarterly basis.

Where can I find tax documents for my account?

In your Midland360 online portal under the “Documents” tab, you can see all tax related documents that have been generated for your IRA. This includes any historical documents from previous tax years.

Managing My Account

How do I utilize Midland’s online portal, Midland360?

You can use Midland360 to update profile/account information, view billing related topics, initiate sending funds from your account for bill pays, distributions, and investment, view account activity, and view/download most account documents.

How do I fund or contribute to my account?

Fund your account by making a personal contribution, IRA to IRA transfer, or, if eligible, by making a rollover from a 401(k) or other Qualified Plan. You can fund your account by filling out the appropriate form or by logging into Midland360.

How do I calculate my Required Minimum Distribution?

Calculate your RMD using our online calculator. We recommend consulting with your CPA or tax advisor to get the exact RMD amount.

How do I update the Fair Market Value of my investment?

Update your FMV by logging in to Midland360. You may also update your FMV by submitting a fair market valuation update form.

How do I update my contact information?

Update your contact information by logging into Midland360 and clicking on “My Profile”.

How do I request a Distribution?

You may request a distribution by logging onto Midland360 and clicking “Request Distribution” from the quick links on the home page. 

How do I pay a bill on my account?

Submitting a bill payment is easy using Midland360. Click here for instructions to pay your bill online.

How does a third party send funds to my IRA related to my investment?

You can invite a third party to send funds to your account through Midland360 by clicking “Invite Payer” for the related holding. This will send them an email to our Payment site which enables them to make a one-time, or establish recurring, payment to your IRA.

How can I pay my Midland fees or update my preferred billing method?

Once logged into Midland360, click the “Billing” option at the top of your screen. From here you can make a payment, update your billing method, and view all Fee Statements generated for your account.

How do I generate a custom statement for my account?

Once logged into Midland360, select “Create Statement” to generate an account snapshot for a specified period of time. 

How do I add or update the beneficiary on my account?

To update beneficiary information, the Change of Beneficiary form will need to be completed. You can send the form to Midland through our Secure Upload feature. 

How do I grant access to my account to another individual?

    1. There are two levels of access you are able to grant on your account:
      • Interested Party Designation: This designation allows an appointed individual to: call in for general information on your account, view your account online, , and receive emails related to your account, should you give them the option. In order to grant this level of access, please complete our Interested Party Designation form. You can send the form to Midland through our Secure Upload feature. 
      • LPOA: This allows an appointed individual the power to conduct all transactions, except those listed on the form, in your account. In order to grant this level of access, please complete our Limited Power of Attorney form. The notarized original form must be mailed to our office in order to update your account. 

Making An Investment

Who are Disqualified Parties?

Disqualified Parties are certain people and/or entities that your IRA cannot do business with. These parties are outlined in IRC Section 4975. For a list of Disqualified Parties, please view our Prohibited Transactions Guide.

What is a Prohibited Transaction?

Some types of self-directed transactions violate the basic intent of your IRA and may subject your account to risks and penalties. Your retirement plan is not to benefit you before you reach retirement age. Actions providing immediate financial gain to the account holder or other disqualified persons/parties are not allowed. Examples include:

      1. Borrowing money from your IRA
      2. Selling, exchanging, or leasing personally owned property to your IRA
      3. Using your IRA as security for a loan
      4. Transferring plan income or assets to disqualified persons
      5. Lending IRA money to disqualified persons
      6. Extending credit on your IRA to disqualified persons
      7. Furnishing goods, services, or facilities to disqualified persons
      8. Allowing fiduciaries to obtain or use the plan’s income or assets for their own interest

You can also view our Prohibited Transactions Guide.

What types of assets can I hold in my IRA?

    • Self-directed IRAs can invest in alternative investments such as: real estate, futures and forex, private lending, crowdfunding, precious metals, private equity, hedge funds, and more.
    • You are not able to invest your self-directed IRA funds in life insurance products or collectibles, which include works of art, rugs, or antiques.

Does Midland advise?

Midland does not advise clients. Midland has no responsibility or involvement in selecting or evaluating any investment. Nothing contained on our website shall be construed as investment, legal, tax or financial advice or as a guarantee, endorsement, or certification of any investments. You will need to contact a CPA of Financial Adviser for any advice related to your IRA.

Who completes Due Diligence on an investment?

The client is solely responsible for completing the due diligence on any intended investment for their account. Midland IRA is not a fiduciary. Midland’s role as the administrator of self-directed retirement accounts is non-discretionary and/or administrative in nature. The account holder or his/her authorized representative must direct all investment transactions and choose the investment(s) for the account. Midland has no responsibility or involvement in selecting or evaluating any investment. Nothing contained on our website shall be construed as investment, legal, tax or financial advice or as a guarantee, endorsement, or certification of any investments.

How do I let Midland know when I am ready to move forward with an investment?

Make an investment by logging onto Midland360 and using the online buy feature. This feature allows you to input all relevant information for your specific investment as well as upload all documents required by Midland to administer the asset.

How do I liquidate an investment?

    • For Futures/Forex accounts, please submit a Trading Account Withdrawal request through Midland360.
    • For all other investments, complete the Sale Authorization form to sell a portion or an entire asset in your account. Once complete, you can upload through our Secure Upload feature at which time a member of our service team will reach out with our Delivery Instructions for the sale proceeds along with any additional steps.

Does Midland have options for my uninvested cash balance?

Midland does not offer any investments directly. To discuss your options for any uninvested cash, please contact our office at 866-839-0429.

What is the typical timeline for completing an investment?

    1. The timeline for an investment can vary depending on several factors:
      • Method of funding the account
      • Investment Type
      • Third Parties involved
    2. Please contact a member of client services team at 866-839-0429 to discuss the details of your investment for an estimated timeline. 

What fees does Midland charge to make an investment?

Fees are charged on an annual basis based on the number of assets in your account or based on the total account value in addition to one time fees related to processing an investment. Please view the Midland Fee Schedule for more details.

Contact Midland IRA