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Can I own Gold and Silver in my IRA?
What Makes a Gold and Silver IRA Different?
A Gold and Silver IRA is a specific self-directed retirement account in which you own the physical precious metals. Non-traditional assets, such as physical precious metals, real estate, or cryptocurrencies, are typically not permitted in conventional IRAs but can be allowed in self-directed IRAs.
Gold and Silver IRA Regulations
- Like a standard IRA, the annual contribution limit for a self-directed Gold and Silver IRA is the same.
- Withdrawals are penalty-free after the age of 59 1/2.
- If withdrawn before that, a 10% tax will be applied.
Custodians: To manage your Gold and Silver IRA, you will need a specific type of custodian. They will assist you with necessary paperwork and the required tax reporting, as specified by the IRS.
Storage: You cannot store your gold at home for your IRA. IRS rules necessitate that you store your gold at an approved facility. The IRS regards removing your gold from storage as a withdrawal, which could result in taxes and early withdrawal fees. Your custodian will also handle the IRS storage regulations.
Types of Gold and Silver for IRA: The IRS has regulations for purchasing physical precious metals. Investors may hold gold, silver, platinum, or palladium. Gold and Silver bars must have a minimum purity of 99.5%. The IRS authorizes Gold and Silver coins such as the American Eagle, the Canadian Maple Leaf, and the Australian Gold Kangaroo. Gold and Silver collectibles are not permitted in your IRA. Make sure your metals are approved before purchasing.