Although IRAs used to be limited to owning American Eagle gold and silver coins, IRAs can now invest in IRS-approved gold, silver, palladium, and platinum bars and coins. Want to set up a self-directed precious metals IRA? Well, not all gold, silver, platinum, and palladium bars are eligible for an individual retirement account (IRA). The IRS only approved certain gold, silver, platinum, and palladium bars and types of coins. The following is a list of IRA-approved precious metals that can be purchased for a precious metal IRA.
Every IRA is legally entitled to buy gold and precious metals. However, the majority of major custodian banks, such as Charles Schwab, Merrill Lynch and JP Morgan Chase, do not offer physical precious metals as an investment option. Most traditional custodian banks are structured to only hold paper assets and are structured as managed funds. Physical precious metals are a self-directed investment and usually require a custodian bank that offers self-directed IRA investments.
If your custodian bank doesn’t offer precious metals as an investment option, we can help you initiate a rollover or direct transfer to a custodian bank that does. A rollover or direct transfer is a non-taxable event. A precious metals IRA is an individual retirement account that allows you to invest in physical metals. They are sometimes referred to as gold IRAs, but silver, platinum, and palladium can also be purchased within these accounts.
Select Storing your IRA metals at home can put the IRA account holder at significant risk of IRS penalties. Scottsdale Bullion %26 Coin has simplified the process of setting up a gold and silver IRA in six easy steps. Once you’ve set up your Gold IRA, you can transfer or transfer the funds from an existing IRA or other retirement plans.
To invest in precious metals via a self-managed IRA, you must set up a valid IRA and have cash in the IRA. Opening a self-directed IRA and investing in precious metals is a bit more complicated than opening a traditional IRA or Roth IRA. Custodian banks that offer a checkbook IRA structure generally recommend that their customers store IRA metals in a safe deposit box. Some IRA gold and precious metals providers only work with a limited number of custodian banks and depositories.
There is
no limit to the number of direct IRA transfers from one IRA custodian bank to another that you can initiate. Regardless of whether you’re setting up a brand-new IRA or transferring funds from an existing IRA or retirement plan, you can choose to pay all start-up fees from the IRA’s assets. 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. If you properly transfer your money from an IRA or retirement account to a gold IRA, there is no tax impact.
A platinum IRA is an IRA in which a portion of its total assets is invested in IRA-approved forms of platinum bars. Since precious metals are an alternative investment, opening a gold or precious metal IRA is a more complex process than setting up a regular IRA. IRA holders have been allowed to use funds in their IRA account to purchase eligible precious metals since 1998, following the passage of the Taxpayer Relief Act of 1997.
