If you choose to wire transfer instead, the money is sent directly to your Gold IRA custodian, meaning there are no additional fees or penalties. Furthermore, since no money is withdrawn and handed to you, the funds are not taxed by the IRS. Indirect rollover, trustee to customer to trustee In an indirect rollover, your 401k plan trustee pays you a check in the amount of your 401k funds that you want to invest in your Gold IRA. You then have 60 days to deposit the money into your new Gold IRA.
Just make sure that the money is credited to your Gold IRA within 60 days from the specified withdrawal date of funds from your 401k. If you store the money beyond the allotted 60-day period, the money you received from your 401k is subject to taxes and any applicable tax penalties. If you think opening a Gold IRA can be a good investment strategy, ask a financial advisor whether a Roth or a traditional IRA is better for you, and research and compare different Gold IRA providers. In addition, the physical gold or physical silver (or platinum or palladium) in a precious metal IRA offers the significant tax benefits that come
with all IRAs.
An American Eagle gold coin consists of 91.67% pure gold (22-carat gold) — the rest of the coin is a mixture of copper and silver. To do this, you’ll need to choose an IRA company that will manage the setup of your new IRA account for precious metals and fill out an application. Once you’ve created a Gold IRA, the next step is to contact your 401k plan administrator and initiate the transfer of money from your 401k to your new IRA. After choosing an IRA provider, you’ll interact with one of their employees to transfer your assets to your new IRA account
.
When choosing your Gold IRA custodian and when you talk to your 401 (k) plan administrator, be sure to ask about these fees. Several gold IRA firms are using scaremongering or exploiting investors’ fears of a (very unlikely) collapse of the entire banking industry and a general collapse of the US dollar. First and foremost, it is one of the oldest and most respected companies when it comes to helping 401,000 owners invest in gold and silver by making a rollover or transfer to a Roth or Traditional Gold IRA. Your Gold IRA trustee can give you all the necessary information that you can provide to your 401k plan administrator to facilitate the transfer of funds
.
Gold IRA accounts typically come with annual fees. So take a look around before you decide where to open yours. You’ll get the 20% back after you file your taxes for this year, provided you make your deposit within the 60-day period and follow all other IRS rules for a Gold IRA. Brinks and Delaware Depository are two of the most respected companies that offer IRS-approved storage of IRA gold and silver. In addition to meeting all of your Gold IRA company’s minimum deposit requirements, the amount at which you initially top up your account should be determined as part of your overall financial planning — and your retirement savings in
particular.
Most companies that buy and sell gold and silver online also keep an up-to-date list of IRA-approved products, even though they don’t offer gold IRAs.
