Gold IRA Rules and Regulations: Simplified
The process of backing an IRA account with gold, and understanding all of the Gold IRA Rules and Regulations, may sound confusing and difficult to many new investors, but read on. This page will provide a great overview for you, while guiding you through all the necessary steps and letting you in on all the necessary Gold IRA Regulations you need to be aware of.
The Internal Revenue Service has several rules in place to regulate what type of gold and other precious metals can be used in a precious metals IRA. Knowing these laws will ensure that your transition remains hassle free.
Gold IRA: The Process
Before getting into the laws, let’s go through the 3 steps needed for a Gold IRA.
Step 1: You can either add the precious metals bullion to an existing IRA or create a new one. For those who do not have an IRA, the first thing you need to do is to set up a self-directed Individual Retirement Account. Under a self-directed IRA, you are allowed to decide where your funds will be invested. Along with that, you can also decide what type of Self-directed IRA account you would like to set up. A traditional IRA, a Roth IRA, a SEP-IRA or a SIMPLE IRA.
If you do not already have a self-directed IRA, you must create a new one with an approved custodian or trustee. If you need help with selecting an authorized custodian, please call Regal Assets at the number to your right. Their team of Gold IRA specialists will assist you in finding the Best Gold IRA Custodian. They will also assist with the necessary paperwork, step by step. If you already have an existing IRA, you have the option of either transferring, or rolling over funds, from your current custodian to the new one.
Step 2: Once your IRA is funded through your custodian of choice, and if you haven’t decided on your specific precious metals investment, our advisors will then discuss all options available. We will help you decide the portion of the funds you should invest and which precious metals should give you the most profit, diversity and security, depending on your individual needs. Click here to see what products we carry.
Step 3: We will notify the custodian about your investment preferences though a filled and signed Investment Direction Form. Once your custodian approves the IDF, you can then place your order of precious metals with us.
After you successfully place an order we will send you a confirmation. That’s it! Diversifying your portfolio with precious metals has never been easier.
Gold IRA Regulations
Some regulations that custodians use to control IRA investments are as follows:
1. Funding the IRA
The IRS does not allow investments in the form of collectibles, which includes works of art metal or gem, antiques, coin, stamp, alcoholic drinks and other tangible assets. This has given rise to the misconception that any kind of gold investments as not allowed.
Under 26 U.S.C. section 408 (m), depending on their sizes and fineness, most U.S minted coins and gold bullions are acceptable.
From 1986- 1998, the IRS only allowed the contribution of gold and silver American Eagle coins and bars. But since 1998, the IRS has expanded their acceptable metals to include palladium and platinum. Make sure to do your research to ensure that your coin is not off limits.
GOLD: American Eagle gold coins, , Austrian Philharmonic gold coins, Australian Kangaroo/Nugget gold coins , Canadian Maple Leaf gold coins, Credit Suisse gold – PAMP Suisse gold Bars .999, U.S. Buffalo Gold Uncirculated coins (No Proofs), and Gold Bars and Gold rounds.
SILVER: American Eagle coins, Australian Kookaburra coins, Austrian Philharmonic coins, Canadian Maple Leaf coins, Mexican Libertad coins, and Bars and rounds.
PLATINUM: American Eagle coins, Australian Koala coins, Canadian Maple Leaf coins, Isle of Man Noble coins, and Bars and rounds.
PALLADIUM: Bars and rounds
2. Investment Choices
Other than not being a collectible, there are several other requirements your precious metal investment should follow:
- Coins that have undergone certification are not allowed.
- Bars and rounds should be manufactured by LBMA, LME, NYSE/Liffe/CBOT, Nymex/Comex, and ISE-9000 or a national mint.
- Minimum fineness required for precious metal bars are: Gold (.995+), Silver (.999+), Platinum (.9995+) and Palladium (.9995+).
Precious metals meeting this criteria can be found at Regal Assets.
3. Custodial Maintenance
IRS prohibits you from taking personal possession of the assets. This means that you cannot store the coins and bullion in your safe. A personal metal depository will be required. Tax rules regarding IRAs and precious metals can be found here.
Gold is one of the most attractive investment options today. Why? Because of its stability when compared to other investment options like mutual funds, stocks, bonds, annuities and fiat currencies. Whether you wish to save for your retirement or get enough capital to start another venture, gold has always proven to be a safe and secure option.
Take the first step against shielding your assets from inflation by filling out the form on the right to receive a complimentary copy of the exclusive Gold Investment Kit from Regal Assets.
Or, call and speak to one of Regal’s precious metals investment specialists and get all your questions answered today.
Gold IRA Rules
- OBAMA PRESSER at 1:30; leaves for Hawaii tonight -- LARRY SUMMERS is 28 ... - Politico
OBAMA PRESSER at 1:30; leaves for Hawaii tonight -- LARRY SUMMERS is 28 ... Politico The last two years were marked by some of the worst moments in recent congressional history: long periods of legislative stalemate, a 16-day government shutdown, threats to default on the nation's debt, major changes to the Senate's hallowed rules and ... and more »
- The Thrift Savings Plan of the Future - FedSmith.com
The Thrift Savings Plan of the Future FedSmith.com What if you wanted to have a concentrated position in financials, pharmaceuticals, oil and gas, metals, water, retail, solar, goal, gold etc.? At present these ... The study will evaluate the costs of designing the system, the rules that plan ...
- Expecting a windfall? - Florida Weekly
Expecting a windfall? Florida Weekly People inherit all sorts of assets: real estate, stocks and bonds, IRAS, gold, jewelry, etc. Different ... “A ROTH IRA that's more than five years old will also be an exception if the amount is exempt under the current federal estate tax rules” ($5.3 ...
- 3 Investment Opportunities to Take Advantage of Now - Motley Fool
Motley Fool 3 Investment Opportunities to Take Advantage of Now Motley Fool With a traditional IRA, you contribute money on a pre-tax basis, so the value of your contributions is subtracted from your taxable income, thereby reducing the tax you pay now. The Roth IRA, meanwhile, ... But if you follow the rules, it's withdrawn ... and more »
- IRS Announces Most Retirees Need to Take Required Retirement Plan ... - Sierra Sun Times
IRS Announces Most Retirees Need to Take Required Retirement Plan ... Sierra Sun Times But a special rule allows first-year recipients of these payments, those who reached age 70½ during 2014, to wait until as late as April 1, 2015 to receive their first RMDs. This means that those born after June 30, 1943 and before July 1, 1944 are ... and more »
- Forgotten Friday Flick - 'The Crying Game' - Starpulse.com
Starpulse.com Forgotten Friday Flick - 'The Crying Game' Starpulse.com Those Academy Award seeking masters the Weinstein Brothers seemed to be poised to pounce on the gold guy once again spearheading the 2014 flick "The Imitation Game." But way back in 1992 the charismatic brothers were pushing and touting another ...
- Peek in Gramercy Park, Key No Longer Required - New York Times
New York Times Peek in Gramercy Park, Key No Longer Required New York Times Such luminaries and dignitaries as Vincent Astor; James Harper, the mayor and publisher; the Steinways; and Thomas Edison moved in, each receiving a key made of gold. Those have been replaced by special nickel-alloy keys specially made in ... Like many ... and more »
- The Morning Sports Briefing - Irish Times
Irish Times The Morning Sports Briefing Irish Times Johnny Watterson has been ringside in Jeju for the past week, marvelling at the Olympic gold medallist's composure, commitment and class. ... The FAI has failed to respond to questions put to it regarding a video showing its chief executive, John ... and more »
- Column: Four retirement saving myths debunked - Westfair Online
Column: Four retirement saving myths debunked Westfair Online Many people picture retirement as a pot of gold at the end of a rainbow: distant, magical, prosperous. But that image is often based on erroneous assumptions about ... Ordering rules dictate that the first dollars withdrawn during the year are treated ... and more »
- Gold IRA Rollover - Investopedia
Gold IRA Rollover Investopedia Whether you're just starting to open IRAs or wondering if it's time to rethink your IRA investment strategy, a gold IRA is worth considering. Rolling over a portion of your IRA to gold can help you sidestep the volatile stock market. “IRAs can invest ... and more »