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Open a Precious Metals IRA in
3 Simple Steps
1Choose a Custodian
Two of the industry’s most respected IRA custodians are listed below. Simply contact New Direction or Preferred Trust and their experts will help you open an account. The good news is, it’s easy!
2Fund Your IRA
Our custodians are here to help, and they’ve made funding your IRA simple! Clients have the ability to fund their retirement account via transfer, rollover, annual contribution or secure bank wire.
Your Custodian will guide you step-by-step through the process of selecting investment grade bullion for your IRA. You have the flexibility to invest in any gold, silver, or IRA eligible metal you choose!
Preferred IRA Providers
The IRS mandates that precious metal bullion must meet minimum fineness requirements before it can be deposited into an IRA account. Start exploring your qualified gold, silver, platinum, and palladium options today.
Frequently Asked Questions
Your precious metals will be insured and stored securely in the depository of your choosing until you decide to sell, exchange, or take physical delivery.
A Precious Metals IRA allows the investor to own precious metals in physical form (bars or coins), with the option to one day take possession of their actual metals.
Investing in bullion such as gold, silver, platinum, and palladium in your self-directed Precious Metals IRA is one way to truly diversify your retirement portfolio.
Self-Directed Precious Metals IRAs allow you to invest in bullion on a tax-deferred basis. For more specific tax inquires, please contact a tax professional.
- How do I open a precious metals IRA account?
- Step 1 – Open and Fund your IRA: First you must choose a custodian. There are many to choose from but Provident has partnered with two of the best, New Direction IRA and Preferred Trust. It takes most custodians one to two business days to open your account once your application is submitted. During the application process, you elect how you would like to fund your account, either by a rollover, transfer, and/or contribution.
Step 2 – Choose a depository: The IRS requires that metals remain in control of the administrator/custodian in order for the asset to maintain a tax-advantaged status. Your custodian will recommend a reputable depository.
Step 3 – Purchase metals: You will shop our list of qualified metals, and once you’ve selected your bullion it will be shipped by Provident to your depository.
- What is a self-directed IRA?
- A truly self-directed IRA is a retirement plan that allows you to invest in any type of asset the IRS allows for an IRA, which includes assets like precious metals. The IRS requires that you have a custodian or qualified trustee hold any assets purchased in the IRA on behalf of the account holder, as well as provide record keeping and IRS reporting.
- Can I have more than one IRA?
- Yes. An investor may have multiple IRAs, but your total annual contribution limits remain the same no matter how many you have.
- Why would I need a self-directed IRA?
- IRAs are a useful way to save for retirement and they provide tax advantages like tax-deferred or tax-free growth, depending on the type of IRA you own. An IRA is a vital addition to any investment portfolio, can supplement 401(k) accounts, and is recognized as an integral part of retirement planning.
- I already have an IRA. How can I invest in precious metals?
- If you already have an IRA and your current custodian will allow an investment in precious metals, you can invest now by calling Provident Metals. If your current custodian does not allow precious metals investment, you can contact one of our preferred custodians and transfer funds penalty-free into a separate IRA.
- I have an existing retirement account; can I open a self-directed IRA account?
- Yes, you may open a self- directed IRA even if you have an existing retirement account. There are a few factors to consider when determining which type of account to open, which include: your age, income level, tax bracket, expected tax bracket at retirement, and whether you or your spouse (if married) are currently enrolled in or are eligible to participate in a an employer-sponsored retirement plan. If you are unsure of which type of account is best for you, you may want to consult with a qualified tax professional or financial planner to determine the best option.
- How do I fund a precious metals IRA?
- Investors have the ability to make contributions to their new IRA or roll over funds from an existing IRA. Contributions can be made via transfer or bank wire. A direct rollover is the simplest way to set up a new precious metals IRA if you already have an IRA or 401K. You are able to roll over or transfer any amount without penalty since this is considered a qualified transfer. All IRA's (Standard, Roth, and SEP) are eligible for direct rollovers. Our preferred custodians are familiar with this process and can lend a hand.
- What are the costs to open a precious metals IRA?
- The costs of the metals, setup fee, annual fee, and storage fee. The cost of the metals is as you see on ProvidentMetals.com. The fees for precious metals IRAs are all charged by the trust and custodial company. When deciding upon a custodian you should ask about set-up fees, annual fees, and storage fees. The fees will vary based on whom you choose as a custodian. The companies we have recommended are industry leaders, extremely affordable, and there are no hidden fees whatsoever.
- Where are the precious metals stored?
- Precious metals in an IRA cannot be held by you individually. You must elect a depository to store your metals. You are free to choose the depository that best fits your needs.
- What type of IRA account should I open? Traditional or Roth?
- A few factors to consider when determining which type of account to open include: your age, income level, current tax bracket, expected tax bracket when you retire, and whether you or your spouse (if married) are currently enrolled in or are eligible to participate in a an employer-sponsored retirement plan.
A traditional IRA is an individual retirement account that allows an individual under the age of 70 1/2 to deposit pre-tax dollars into their account and postpone paying taxes on the funds until the funds are distributed. In most cases, the annual contributions made to your traditional IRA are tax-deductible in the year the contribution is made. Then later once you've retired and are in a lower income tax bracket, you pay the taxes on your distributions.
A roth IRA is an individual retirement account that is funded with post-tax dollars. The contributions are not tax deductible. However, the advantages of this type of account is that your contributions and earnings can be distributed tax-free as long you are over 59 ½ and your roth IRA has been open for at least five years. For roth IRA holders, there are no minimum distribution requirements that must begin at age 70 ½, and, as long as you are still earning income, you can continue contributing to your roth IRA.
You may want to consult with a qualified tax professional or financial planner to determine which type of account is best for you.
- What's the difference between a precious metals IRA and investing in an ETF?
- With precious metals IRAs, you actually own the metals kept by your custodian. With an ETF, you are not able to take physical possession of the metals, which are considered a paper security, unless you own more than $100,000 worth of the funds' shares. The money you have invested in an ETF can be lost if that ETF were to be valued at zero and your investment would be gone. Through the Provident Metals IRA program, you are able to physically take possession of your precious metals and you own something that has never been worth zero.
- What is the difference between a traditional IRA and a SEP or SIMPLE IRA?
- A traditional IRA is an individual retirement account that allows tax deductible contributions to be made to the account. SEP and SIMPLE IRAs are retirement plans for small businesses. These plans allow small companies to offer their employees a retirement plan without having the high costs associated with administering a 401K plan. SEP and SIMPLE IRAs both allow employer contributions to be made to the IRA. For more information on these types of plans visit the IRS’ website. http://www.irs.gov/pub/irs-pdf/p560.pdf
- What is the most I can contribute to my IRA?
- Individuals younger than 50
The maximum deferred annual contribution you can make is $5,000 for individuals and $10,000 for couples.Individuals 50 and older
The maximum contribution goes up to $6,000 for individuals and $12,000 for couples. Annual contributions beyond the maximum allowable limit will not receive IRA tax benefits.Source: IRS Website
- Can I take possession of my precious metals after investing?
- You may take possession of the precious metals held in your IRA by completing a Distribution Form and distributing the metals from your IRA account. Distributions on all pre-tax retirement accounts are subject to taxes and the IRS may impose an early distribution penalty if you are under the age of 59.5.
- How do I make a contribution? How often can I contribute?
- There are a number of different ways to make a contribution. Most custodians accept contributions via personal checks, cashiers checks, or online via ACH.
There is no limit to how often you can contribute, however, there is a limit to how much you can contribute each year. Current contribution limits for a roth or traditional IRA can be found here. http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits
- What are the income limitations to contribute to a roth IRA?
- To determine how much you can contribute to your roth IRA for the current year, please review the roth contribution table located on the IRS’s website. https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits
- What are the income limitations to contribute to a traditional IRA?
- As long as you earn taxable income and are under the age of 70.5, the IRS allows you to contribute to a traditional IRA. However, the amount of your contribution which you are able to deduct may be limited based on your income and whether you or your spouse (if married), are covered by an employer-sponsored plan. Deduction limits can be found here. http://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits
- What is the maximum contribution that can be made to a roth or traditional IRA?
- Current contribution limits for a roth or traditional IRA can be found by going here. http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits
- Are rollovers a reportable event to the IRS?
- Rollovers are a reportable event to the IRS. However, a properly completed rollover (direct or indirect) is not a taxable event.
- Can I complete an IRA-to-IRA rollover if I have already completed an IRA-to-IRA rollover this year?
- No, the IRS only allows you to complete one IRA-to-IRA rollover per twelve months. However, you may make as many trustee-to-trustee transfers between your IRA accounts as you want.
- I have received an IRA distribution. How long do I have to roll that over?
- The IRS gives you 60 calendar days to deposit your distribution into another (or the same) IRA before it is considered a taxable distribution, assuming you have not already made an IRA-to-IRA rollover within the past 12 months.
- If I elect to receive my qualified retirement plan rollover distribution prior to placing it in an IRA (indirect rollover), will the plan administrator withhold any of my distribution for tax purposes?
- If you elect to take constructive receipt of a distribution from a qualified retirement plan (indirect rollover) instead of having the funds sent directly to your IRA, the plan administrator is required to withhold 20 percent for federal income tax. The IRS gives you 60 calendar days to complete your rollover. When you roll over your distribution, you must make up the 20 percent that was withheld, otherwise, the 20 percent withheld is treated as a taxable distribution.
- What is a distribution?
- The term “distribution” is used to denote the withdrawal of cash and/or assets from a retirement plan or IRA. An IRA distribution can be taken at any time, though the IRS imposes a 10 percent premature distribution penalty if the distribution is taken before the account holder reaches the age of 59.5 and the distribution does not meet one of the early distribution exceptions allowed by the IRS. Distributions are reported to the IRS and are considered taxable income if the funds were distributed from a pre-tax account.
- At what age am I required to take a distribution?
- You must begin taking Required Minimum Distribution (RMD) payments from your pre-tax IRA or retirement plan when you reach age 70.5. The IRS allows you to delay your first RMD payment until April 1st of the following year. RMDs must be taken by December 31st each year thereafter. Roth IRAs do not require RMD payments until after the account holder is deceased.
- At what age can I start taking distributions?
- An IRA distribution can be taken at any time, though the IRS imposes a 10 percent early distribution penalty if the distribution is taken before the account holder reaches the age 59 ½. Distributions are reported to the IRS and are considered taxable income if the funds were distributed from a pre-tax account.
- Do I have to pay taxes and/or penalties when I roll over cash to my self-directed traditional IRA from another 401k, 403(a), 403(b), or 457(b)?
- If you want to avoid paying taxes and/or penalties when rolling over funds from a tax-deferred, employer-sponsored retirement plan to your self-directed IRA, the best option is to request a direct rollover. With a direct rollover, you never take physical receipt of the funds. The funds are moved from your 401k plan directly to your IRA without any taxes being withheld.
- Do I have to pay taxes and/or penalties when I roll over cash to my self-directed roth IRA from my traditional IRA?
- Your are not required to have taxes withheld when you convert your pre-tax traditional IRA funds to your roth IRA. However, the converted funds will be reported to the IRS as taxable income in the year the conversion takes place. If you elect not to have withholding applied to your conversion, or if you do not have enough federal income tax withheld from your conversion amount, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient.
- Why is the IRS Form 5498 issued in May and not before tax filing deadline?
- The IRS allows IRA and HSA account holders to continue making contributions until April 15th and have them apply to the previous tax year. Plan administrators and custodians have until May 31st to distribute Form 5498 to the IRS, as well as to account holders. This delay is to ensure that all contributions made to your account are accurately reported to you and the IRS.
- How do I know if I should request a transfer or a rollover?
- If you are moving funds from an employer-sponsored plan into an IRA, you must request a rollover. However, if you are moving funds between like accounts (ex: traditional IRA to traditional IRA) and you have not completed a rollover in the past 12 months, then the decision is yours.
A rollover is reportable to the IRS, however, it is not a taxable event if the funds are received by the new custodian within 60 days. A transfer is neither a taxable event, nor is it reported to the IRS. You are allowed only one rollover per 12 months. There is no limit to the number of trustee-to-trustee transfers you can complete in one year.
- I have a 401k that has X dollars amount; how many times can I roll over funds per year?
- The IRS limits the number of indirect rollovers, also known as a 60-day rollover, you can make to one per twelve months. The IRS does not however, limit the number of direct rollovers you make from your 401k to your IRA.
The difference between an indirect rollover and a direct rollover is that with an indirect rollover, the funds are distributed directly to you and then you are responsible for transferring the funds to your new custodian. The IRS requires that you complete the rollover of funds to your new custodian within 60 calendar days; otherwise, the distribution is treated as a taxable distribution. An important note: when you elect an indirect rollover from your 401k plan, the plan administrator is required to withhold 20 percent for federal income tax. This means when you rollover the amount distributed from your 401k into your IRA, you must make up the 20 percent that was withheld, otherwise, the 20 percent withheld is treated as a taxable distribution.
With a direct rollover, you never take physical receipt of the funds. The funds are moved from your 401k plan directly to your IRA without any taxes being withheld. The IRS does not limit the number of direct rollovers you can do in one year.
- I have a traditional IRA with X dollar amount; how many times can I transfer funds to it?
- There is no limit to the number of times you can transfer funds between like IRAs as long as you are requesting a trustee-to-trustee transfer and not an indirect rollover. An indirect rollover can only be completed one time per twelve months. There is also no limit on the number of times funds can be rolled into your IRA from a 401k plan as long as you are requesting a direct rollover.
- What is the difference between a direct and indirect rollover?
- With an indirect rollover, the funds are distributed directly to you and then you are responsible for forwarding the funds to your new custodian. The IRS requires that you complete the rollover of funds to your new custodian within 60 calendar days; otherwise, the distribution is treated as a taxable distribution. An important note: if you elect an indirect rollover from a 401k plan, the plan administrator is required to withhold 20 percent for federal income tax. This means when you rollover the amount distributed from your 401k into your IRA, you must make up the 20 percent that was withheld, or the 20 percent withheld is treated as a taxable distribution. There is no mandatory 20 percent withholding for indirect rollovers between IRA accounts
With a direct rollover, you never take physical receipt of the funds. The funds are paid directly from your 401k plan directly to your IRA without any taxes being withheld; therefore, there is not a mandatory 20 percent withholding. Moreover, the IRS does not limit the number of direct rollovers you can do in one year.
- Can I roll over an employer-sponsored retirement plan to a traditional IRA?
- As long as you have met a triggering event (an event that makes you eligible to make a withdrawal from your qualified plan), you may roll your funds out of your employer-sponsored plan into an IRA account. Triggering events generally include:
- Reaching retirement age (defined by your plan)
- Termination from service
- Plan termination
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