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
- e2e program hits on economics of investment - The Sheridan Press (subscription)
e2e program hits on economics of investment The Sheridan Press (subscription) “If you're doing anything, you've got to know the rules of the game,” Flemming began, establishing that many Americans are suffering from a knowledge deficit when it comes to managing money. “I think it's the fault of the U.S. school system,” ... “A ...
- International Bullion Exchange's Precious Metal Gold IRA is Leading the Way - WebWire (press release)
International Bullion Exchange's Precious Metal Gold IRA is Leading the Way WebWire (press release) An IRA third party Trustee must hold the coins or bullion, rather than the IRA owner. This means you cannot use your IRA to buy coins or bullion to hide in your safe deposit box or bury in your back yard. The same tax rules apply to all types of IRAs ... and more »
- Little Village That Could - East Hampton Star
Little Village That Could East Hampton Star When Ira Kornbluth, an attorney, first moved to Southampton in 1981, a Manhattan friend of his was offered a huge parcel of land “that was almost all of North Haven,” said Mr. Kornbluth. But the wannabe ... Across Route 114 a parcel of two lots ...
- Maximizing Your IRA: An Interview with Terry Coxon - CountingPips
Maximizing Your IRA: An Interview with Terry Coxon CountingPips Second, if the US government ever imposes currency controls or capital controls or undertakes a program of forced gold sales, an IRA's foreign LLC—depending on the specifics of the new rules—might go untouched. Dennis: Terry, I want to thank you on ... and more »
- Briefs: “Out At Home” Moves Forward, Ellen Scores Oscar Ratings Gold, and ... - TheBacklot
Briefs: “Out At Home” Moves Forward, Ellen Scores Oscar Ratings Gold, and ... TheBacklot Briefs: “Out At Home” Moves Forward, Ellen Scores Oscar Ratings Gold, and Chris Colfer Is The Snazziest. by snicks | March 3, 2014. Birthday shoutouts go to Ronan Keating (above), who is 37, Julie Bowen is 44, Ira Glass is 55, and Miranda Richardson is ...
- President Obama Releases Budget - Middle Class Tax Cuts In The Fiscal Year ... - Sierra Sun Times
President Obama Releases Budget - Middle Class Tax Cuts In The Fiscal Year ... Sierra Sun Times Save for Retirement: Too many households know they should be saving for retirement but lack access to employer-sponsored plans like 401(k)s, which puts the onus on individuals to set up and invest in an Individual Retirement Account (IRA ... and more »
- 10 retirement plan tax facts you need to know - LifeHealthPro
LifeHealthPro 10 retirement plan tax facts you need to know LifeHealthPro Funds accumulated in a Roth IRA may or may not be taxable on actual distribution. Special rules may treat funds accumulated in an IRA as a “deemed distribution” and, thus, includable in income. A distribution of a nontransferable, nonforfeitable ...
- SNOW-DAY EDITION -- OBAMA'S BIGGEST WORLD TEST -- CONSULTANT ... - Politico
SNOW-DAY EDITION -- OBAMA'S BIGGEST WORLD TEST -- CONSULTANT ... Politico It's Russian roulette with a guy who is just unstable and isn't going to play by the right rules. … President Reagan never faced a Soviet leader like this. This guy is ruthless … I think time is on Putin's side, ..... Lee Radziwill is 81 … movie ...
- Andrew Smith: 'McCann was brave, bold and bolshy' - Scotsman
Scotsman Andrew Smith: 'McCann was brave, bold and bolshy' Scotsman In asking supporters to refrain from singing songs that name-checked the IRA, old and new, he was accused of failing to understand the club's roots. Yet, then as now, the counter-argument would ... “Principles, can't afford them”, he would quote from ... and more »
- What Is an IRA? You Might Be Surprised - DailyFinance
What Is an IRA? You Might Be Surprised DailyFinance A "self-directed" IRA will let you invest in gold and silver bullion coins, a franchise business, real estate, and more -- even racehorses! It's not for everyone, though, and simple ... If this is of interest, read up on the rules. A shape-shifter. The ... and more »