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.
[expand title="Gold IRA Rules" alt="Click here to read recent Gold IRA Rules in the News" notitle="true" trigclass="noarrow"]
- Vaunted Ebola Vaccine Faces Questions - Fox Business
Vaunted Ebola Vaccine Faces Questions Fox Business That is the gold standard in science, but one that would exclude half of patients from potentially preventive treatment. They contended it was ... One of the Guinea vaccine-study researchers, Ira Longini of the University of Florida, said in an ... and more »
- The week's news, from the UK's snap election to Davy Fitzgerald's sideline ban - Irish Times
Irish Times The week's news, from the UK's snap election to Davy Fitzgerald's sideline ban Irish Times Last weekend's referendum in Turkey was nominally a constitutional change from a parliamentary to a presidential system, but in reality it was a power grab by President Recep Tayyip Erdogan, potentially extending his rule until 2029 and ensuring that ... and more »
- Who Will Live in Greek Leadership Village Being Built in Tempe? ASU Still Unsure - Phoenix New Times
Phoenix New Times Who Will Live in Greek Leadership Village Being Built in Tempe? ASU Still Unsure Phoenix New Times They also resent the concept of a controlled environment in which they don't own the buildings or set the rules. Bloom's petition gathered close to ... "I am a Lifetime Gold Alumni of ASU and have followed this issue over the past years as best I can ... and more »
- Putting the gold in the golden years: tips for picking a retirement account - Marion County Record
Putting the gold in the golden years: tips for picking a retirement account Marion County Record “Those would be the most common things people will have available for retirement savings,” Riggs said. Small employers sometimes offer a simple IRA plan. It's easy to maintain as far as the rules for the employer themselves and the employee could have ... and more »
- Angst in America, Part 3: Retiring Broke - Gold Seek
Gold Seek Angst in America, Part 3: Retiring Broke Gold Seek Do the math and we find that the average IRA holder's balance was around $120,000 as of three years ago. But remember, the average IRA holder is not the average .... You're probably an exception to that rule if you are reading this article, but the ... and more »
- BLM reminds motorists to stay on roads and trails - Weekly News Journal
BLM reminds motorists to stay on roads and trails Weekly News Journal TWIN FALLS – As spring is swinging into full gear, the BLM is reminding the public of changes to off-highway recreation rules on public lands. Previously .... IRA or 401k? Learn how an Augusta Gold IRA can give you an IRA you can SEE, TOUCH & HOLD. and more »
- How to Invest in Startups Using a Gold IRA - Small Business Trends
Small Business Trends How to Invest in Startups Using a Gold IRA Small Business Trends Did you know you could use a gold IRA to fund a startup venture? It requires taking some legal steps and placing the funds into a corporate account but is one way to provide a financial seedbed as the business grows and matures. And if you follow the ... How to invest in alternative assets — like real estate — in your IRA MarketWatch all 3 news articles »
- IRAs Gone Wild: How To Invest In Private Equity, Real Estate, Gold - Forbes
Forbes IRAs Gone Wild: How To Invest In Private Equity, Real Estate, Gold Forbes You do this through a "self-directed" IRA--which is simply one parked at a custodian that allows you to invest in alternative assets. But the tax rules surrounding self-directed IRAs are tricky, the penalties for violations can be punishing, and the ... How a Roth IRA Conversion Can Save Your Savings TheStreet.com all 3 news articles »
- Self-Directed IRAs: Avoiding DOL Fiduciary Rule Liability - ThinkAdvisor
Self-Directed IRAs: Avoiding DOL Fiduciary Rule Liability ThinkAdvisor A self-directed IRA is a retirement account that clients often use as a way to invest in nontraditional retirement account assets, such as real estate, precious metals or a business. As the name suggests, a client determines which assets to hold within ... 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. Of course, gold ... and more »