Ongoing Account Maintenance

How can I access account information online?

Please click on the following link to create an online account:

What account information can I access from my online account?

Your account history displays all incoming cash, outgoing cash, and custodial/transaction fees in addition to an overview of the assets held within the account. As an added benefit you can also access quarterly account statements (*please note that paper statements are only mailed annually-  at the close of each calendar year).

When can I expect to receive an Account Statement for my Self Directed IRA?

Annual Statements: Madison Trust mails annual account statements to accountholders at the close of each calendar year.

Quarterly Statements: Accountholders can access quarterly statement by logging on to their Madison online account. Quarterly statements are generated a month after the close of each calendar quarter (ie. April, July, October and January).

When am I required to provide an Asset Valuation of my account?

We will be reaching out to you in the first week of January each year to request the Fair Market Value of your IRA. You can provide us with this information by logging on to your online account or by completing and submitting an Asset Valuation form.  Upon receipt of this information, Madison Trust will notify the IRS of your IRA value via Form 5498. (More information about Form 5498 can be found below.)

When will I receive a copy of Form 5498?

A copy of Form 5498 will be mailed to you by May 31st of the relevant year. 

The IRS requires all IRA custodians to file form 5498 annually to report the fair market value (FMV) of the asset(s) held in your IRA based on the client-reported last-known-value.

Form 5498 indicates any rollovers, contributions, conversions and recharacterizations received in your IRA during the prior tax year.

Further, this form indicates whether the accountholder is required to take a Required Minimum Distribution (RMD).

The IRS does not require you to send a copy of Form 5498 with your tax return. The form is for your records only. Form 5498 is electronically reported to the IRS in June of the relevant year.

How do I update my Address, Phone Number or Email Address with Madison Trust?

To protect the security of your account, please provide us with a signed Change of Address form to notify us of a change in your physical address, phone number or email address.

How do I add or change a Beneficiary on my Account?

To add Beneficiaries on your account, please complete a new Beneficiary Designation form.

To change Beneficiares on your account, please complete a new Beneficiary Designation form and have it notarized.

The form can be submitted to us via fax (845-947-1212) or via our secure upload portal. Please keep in mind that all prior beneficiaries will be replaced once you submit the new Beneficiary Designation Form.  

How do I designate an Interested Party or Authorized Party on my account?

To designate an Interested Party or Authorized Representative on your account, please complete a Representative Authorization form.

An Interested Party is authorized to access account information but is not authorized to provide directions. 

An Account Representative has full access to your account and is authorized to instruct Madison Trust concerning your account.

You can remove an Interested Party or Account Representative at any point in time by completing the same form.

Have Questions?

Read our FAQs, or feel free to contact our team directly.

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