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"]
- Trading Futures in an IRA? Getting Oriented to the Retirement Future - The Ticker Tape (blog)
The Ticker Tape (blog) Trading Futures in an IRA? Getting Oriented to the Retirement Future The Ticker Tape (blog) Futures in an IRA can provide qualified account owners with access to markets and asset classes not traditionally traded. Futures can deliver a variety of choices: energy markets (crude oil), interest rates (bonds), metals (gold and silver ...
- 10 easy HSA FAQs - BenefitsPro
BenefitsPro 10 easy HSA FAQs BenefitsPro Well, besides having to come up with money to fund it if your employer doesn't put some in, the rules around them can get complex. The employee who owns an HSA will need to take more responsibility for learning about these rules. Some are also ...
- Inherited an IRA? Here's how to maximize your found money - New York Daily News
New York Daily News Inherited an IRA? Here's how to maximize your found money New York Daily News These two options allow the funds to grow tax-deferred without taxation like they would under normal IRS rules for qualified money. If the spouse is younger and needs access to funds, the IRA can be retitled as an inherited IRA. This doesn't eliminate ... and more »
- Advanta IRA Holds Complimentary CE Class for Realtors: Real Estate in an IRA - PR Web (press release)
Advanta IRA Holds Complimentary CE Class for Realtors: Real Estate in an IRA PR Web (press release) Many investors use self-directed accounts to acquire alternative assets such as gold, private equity and stock, crowdfunding ventures, futures and forex trading, and much more. However, investment real estate is the most popular asset ... managing ... and more »
- Family remembers Navy SEAL, and former IU athlete, killed in Iraq - WDRB
WDRB Family remembers Navy SEAL, and former IU athlete, killed in Iraq WDRB (WDRB) -- Friends and family describe Navy SEAL Charles Keating,31, as a hero with a million-dollar smile and a heart of gold. Keating was killed during a gun battle with ISIS fighters in Iraq Tuesday. The former Indiana University athlete was part of ... and more »
- What Really Happened to Robert Levinson, the Former FBI Agent Who Went Missing in Iran? - Newsweek
Newsweek What Really Happened to Robert Levinson, the Former FBI Agent Who Went Missing in Iran? Newsweek A handful of national security reporters, myself included, eventually learned that Levinson had actually been working for “rogue” CIA analysts who had violated agency rules by using him as a spy, that agency officials had allegedly lied to ... and more »
- When Americans Used To Save Money, And Why That Changed - WBUR
WBUR When Americans Used To Save Money, And Why That Changed WBUR This is not the 30 year, a gold plated watch and a pension job market of your grandpa. With a 401K you can rollover into an IRA And speaking of the IRA it's another way to accumulate retirement savings for the disciplined. I agree with Derek Thompson ...
- Home Delivery Gold IRA May Be Viable Investment Strategy - Law360 (subscription)
Home Delivery Gold IRA May Be Viable Investment Strategy Law360 (subscription) This is by no means an exhaustive list of considerations. An investor should understand all code requirements before opening a home delivery gold IRA. Failure to do so could lead to the precious metals being considered an early distribution of the IRA ...
- Does investing in gold with a gold IRA make sense? - Bankrate.com
Bankrate.com Does investing in gold with a gold IRA make sense? Bankrate.com Some conspiracy theorists speculate that humans were put on Earth to mine gold for aliens. That would partly explain people's fervent obsession with the stuff, including investing in gold. As jewelry, gold shines. But as an investment, the track record ...
- Are 'Home Storage' Precious Metal IRAs Legit? - Law360 (subscription)
Are 'Home Storage' Precious Metal IRAs Legit? Law360 (subscription) Americans have over $23,000,000,000,000 (that is, $23 trillion (with a “t”) dollars) in retirement savings — primarily in 401(k), individual retirement (IRA), pension and other investment accounts. While America's savings rate is often derided, in ...