Tax Payer Relief Act (1997) made it possible to include precious metals in Individual Retirement Accounts. This includes silver and platinum. Some account holders put gold in their IRAs to diversify investments funds. As a rule of thumb, the price for gold increases when stock markets fall. This can boost the value your portfolio during a weak time in the stock market. Visit our website and learn more about gold IRA rollover kit.

What are the Steps?

1. Talk to your IRA Custodian about whether you are eligible for the type of account that allows you to add Gold. Some plans prohibit this. In such cases, you must start a new IRA with silver-gold.

2. Find a custodian who is experienced in administering gold-silver IRAs. It is possible add silver or even gold to any type IRA, Roth, traditional, and simplified incentive match plan for employees (SIMPLE), as well as simplified employee pensions (SEP).

3. Send the signed paperwork to your new IRA Custodian to open a IRA with silver-gold IRA. Usually, charges include a fee to store any gold or silver coins you have in your account. Under current IRS rules your gold must be stored in a depository that is approved by the IRS. This must be in a different location from where you have an IRA.

4. For the initial funding of your gold account, you can transfer funds to your IRA from your bank account. Your custodian may be able help you with this.

5. You may wish to decide if your goal is to purchase silver and gold coins or gold mining stocks.

Current Tax Laws RE: Precious Materials in IRAAccounts

1. Collectibles: Investments
According to IRS, collector coins are transactions that cannot be done through an IRA account. You can purchase collectible coins from your IRA with the same amount of money that was used to buy them. The IRS will add this distribution to your gross Income on your tax form and penalize you 10 per cent if you’re under the age of 59 1/2.