Gold IRA Rollover
There is only one difference between a standard individual retirement account and a gold IRA, and that is the latter only has gold in it.Other than that it works in the same way as a regular account.
If you already have an IRA or 401(k) in place, why would you want to consider a gold ira? We have talked on other pages on this site about the importance of diversification when it comes to your investments, and especially your retirement fund. You will like most other people, want to ensure you get the maximum return out of your retirement fund. Therefore rather than place all of your investment eggs in one basket which can be risky in the long term, seeking sound financial advice from a professional on how to diversify your accounts so as to minimize loss and increase return, is important.
One of those options open to you is a gold IRA rollover. As we have already mentioned if you have an IRA or even a 401(k) and they can be a Roth or a regular type, you can roll over part or all of your accounts into a gold ira, hence the term 'gold ira rollover.'
There are some key benefits and features of setting up a gold ira rollover. The main one relates to the tax implications. If you are moving all or part of an existing IRA or 401(k) into a gold ira, then there are no tax penalties, because you are rolling over an existing account. One important note for your consideration is that if you have an old 401(k) from a previous employer, it is a lot easier to roll that over into your gold ira than it is if you have a current 401(k) with an existing employer. It is not impossible to do the latter, and this would be something you would need to discuss with your gold ira provider if you wish to rollover an existing 401(k) but it certainly is something you need to be aware of in advance.
Another key benefit and feature is the simplicity of the process. The key providers we recommend can transfer your account within 24 hours if you so wish. In fact, they operate within the time frame you desire, so you don't lose out in delays. However please note that you do have a limit of 60 days in which to deposit the funds from your existing ira into your new gold ira, if you take hold of the resources. Failure to carry out this process within the time limit will result in you having to pay a taxable withdrawal penalty of 10%. If you perform a direct custodian-to-custodian transfer, where the money is wire transferred between the two parties, and you don't receive it, then there is not withdrawal penalty.
What Metals Can Go In A Gold IRA?
When it comes to gold coins and bullion the market is awash with options. There are many coins with various designs, weights, purity and value, all ideal for the avid collector. Unfortunately not every gold coin of bullion bar meets with the IRS regulations for what is suitable for placing in a gold ira.
Although we have been speaking primarily about a gold ira, you can if you so chose, set up a precious metals ira, which allows other qualified metals such as silver, platinum, and palladium, to be added to it as well.
Below is a full list of the recommended gold coins and bars allowed in a gold ira. For a complete list of what metals are and are not allowed, see our IRA approved precious metals page.
Gold ALlowed In IRA Rollover
IMPORTANT NOTICE: GOLD BULLION & COINS APPROVED BY IRS FOR INVESTMENT IN AN IRA MUST HAVE A PURITY LEVEL OF .995% OR HIGHER
| AMERICAN GOLD EAGLE COINS | AMERICAN GOLD BUFFALO COINS |
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AUSTRALIAN GOLD KANGAROO/ NUGGET COINS |
AUSTRIAN GOLD PHILHARMONIC COINS |
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| CANADIAN GOLD MAPLE LEAF COINS | CREDIT SUISSE GOLD BARS |
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| JOHNSON MATTHEY GOLD BAR | VALCAMBI GOLD COMBIBAR |
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source http://www.preciousmetalsinvestmentguide.com/gold-ira-rollover/
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