Can I store my IRA precious metals myself?
The IRS requires that precious metals owned by an IRA be stored in the possession of a trustee or custodian. The IRS code also states that "The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian." However, many IRA holders use what they believe is a "loophole" in the US Tax Code that allows the account holder to self-store the metals using a "checkbook control IRA", "LLC IRA", or "Home Storage IRA". Storing your IRA metals at home may expose the IRA account holder to a material risk of IRS penalties. Custodians who offer a Checkbook IRA structure mostly recommend that clients hold the IRA metals in a bank safety deposit box.
How do RMDs work for a Gold IRA?
IRA holders must take Required Minimum Distributions (RMDs) beginning at age 70 ½. With a Gold IRA, you can take your RMDs “in kind” meaning that you have the physical precious metals sent directly to you.
Alternatively, you may sell the precious metals and take distributions in cash.
Do I pay taxes when I transfer into a Gold IRA?
No. When you properly move your funds from an IRA or retirement account to a Gold IRA, there are no tax implications.
Are there any metals not allowed in a Precious Metals IRA?
Yes. The only precious metals permitted in a Precious Metals IRA are:
- Gold: Gold American Eagles (Proof or Uncirculated) in 1 ounce, ½ ounce, ¼ ounce, and 1/10 ounce sizes as well as other gold coins or bars with a minimum purity of 99.5%.
- Silver: Coins or bars with a minimum purity of 99.9%
- Platinum: Coins or bars with a minimum purity of 99.95%
- Palladium: Coins or bars with a minimum purity of 99.95%
Can I also have silver in my Gold IRA?
Yes. Many Gold IRA holders own silver in their IRA in addition to gold.
Thank you for watching this video in our series on Precious Metals IRA’s. We hope you found it informative. Please make sure you watch the remaining videos in this series - they should help answer some of your questions about diversifying into the precious metals markets. You can always find more information on this topic, as well as other important information on the precious metals markets by visiting our website linked in the description below.