Welcome back to GMRgold’s series on Precious Metals "self directed" IRA’s - A short series of videos that will explain what precious metals self directed IRA’s are, what’s involved in moving into a precious metals self directed IRA, what contributions are required, and much more! Make sure you catch all the videos in this series to get a full understanding of precious metals self directed IRA’s.
Let’s continue…
Can I add or contribute coins or bullion that I already own to my precious metals IRA?
Basically, No. The exception being the scenario of transfers or rollovers with all contributions being made in cash. The physical precious metals that you select for your precious metals IRA will be shipped directly to a depository and maintained there on behalf of your IRA account.
Can I transfer money from an existing IRA account to fund my Precious Metals IRA, and if I do so, will I incur any tax penalty?
Yes, you can transfer. If you have an existing IRA or 401(k), the simplest way to set up a new Precious Metal IRA is via a metal transfer. You would simply transfer the amount you want to invest in the new IRA. Of course consult your own CPA, but generally there will not be any tax penalties for a transfer. The IRA custodian is an expert in transfers and will assist you in facilitating this process.
What types of IRAs are eligible to transfer or roll over?
All IRAs, including Traditional, Roth, SEP, SIMPLE and Solo are eligible for direct rollover. Inquire with your IRA custodian for specific plan details or any plan limitations, or visit our website at GMRgold.com for more information. Our advisors are standing by if you’d like to call as they can answer any questions you have.
Thank you for joining us for video two in our series on precious metals IRA’s. The link to the other videos in this series is in the link description below. Feel free to visit our website at your convenience for more information on this important topic, as well as many other topics on diversifying into precious metals.