You can store coins or gold bars in a precious metal IRA. Despite the colloquial term “Gold IRA,” you can hold silver, platinum, and palladium in this account. Eligible gold can be included in your IRA, “provided that, according to the IRS, it is physically owned by a bank or an IRS-approved non-bank trustee. Yes, all setup and annual IRA fees are always tax-deductible expenses.
A ROTH IRA can own gold and IRA-eligible precious metals just like any other IRA, including a traditional IRA, SEP IRA, SIMPLE IRA, Inherited IRA, Rollover IRA, and Spousal IRA. You can transfer your IRA to a self-governing IRA custodian that offers gold as an investment. Midas Gold Group works with virtually all self-managed IRA custodians that offer gold, and we can help you arrange a tax-free transfer or transfer to a new custodian. There is no limit to the number of direct IRA transfers from one IRA custodian bank to another that you can initiate.
Many gold IRA holders have silver in their IRA in addition to gold. You can name your church or a charity as the beneficiary of your IRA and its assets. You can top up your precious metal IRA anytime. You can add to this by transferring money from another IRA or retirement plan.
You can also make annual contributions to your IRA based on limits based on your IRA category and age. You can trade, transfer, swap, or sell the precious metals in your IRA at any time without tax consequences. If you are not satisfied with your warehouse or the fees charged, you can move your precious metals to another warehouse. If your custodian bank doesn’t offer the storage facility you want, you may need to switch IRA custodian banks.
You can receive the precious metals directly in your IRA anytime and for any reason, including to meet your RMD requirements. You will receive quarterly account statements for your IRA account from your custodian bank. Depending on which warehouse you choose, you can usually make an appointment to actually view your precious metals. IRS rules allow funding a Gold IRA with funds from another IRA, 401 (k), 403 (b), 457 (b), or Thrift Savings Plan.
If any of the above IRA-eligible gold coins or bars have been assessed for condition by a certification authority (such as the Professional Coin Grading Service), they are generally classified as “collectibles” by the IRS and are therefore not allowed in IRAs. A precious metal IRA is simply a traditional IRA, ROTH, SEP, SIMPLE, Rollover, or Inherited IRA that owns precious metals and may include gold, silver, platinum, or palladium. Gold IRA companies can help you with this process, from choosing a custodian bank to arranging the storage of your precious metals. A silver IRA is also a traditional IRA, a ROTH IRA, a SEP IRA, a SIMPLE IRA, or an inherited IRA that is managed by the account holder himself and holds valid forms of physical silver coins or silver bars.
Annual fees are generally charged by the account custodian, and storage and insurance fees are more often owed to the custody account than to the Gold IRA company. Gold American Eagle bullion and polished gold coins are the only gold coins that are exempt from purity guidelines. Money deposited into a traditional IRA is deductible up to the allowed annual limits, while cash in a Roth IRA grows tax-free and can be withdrawn tax-free in retirement. Storing your IRA metals at home can put the IRA account holder at significant risk of IRS penalties.
There are lots of rules and regulatory hurdles you’ll need to overcome if you’re thinking about buying a Gold IRA. Some prefer the former because it clarifies that in addition to gold, other precious metals (silver, palladium, and platinum) are allowed in self-directed IRAs. Many Gold IRA companies have preferred custodian banks that they either recommend or require their customers to use, or you can search for a custodian on the RITA website. If you die, your IRA and assets are transferred to your IRA beneficiary or beneficiaries.