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Open a Precious Metals IRA in
3 Simple Steps
1Open a Self-directed IRA
Opening a Precious Metals IRA is easy! Simply contact Preferred Trust Company and one of their IRA experts will assist you with the process!Get Started
2Fund Your IRA
You can select one or all of the options listed below to fund your account:
- Direct transfer from another Qualified retirement account
- Rollover from a Qualified retirement account
- Annual contribution
Once you select the metals you would like to purchase, Preferred Trust Company will fund your investment!
IRA Eligible Bullion
The IRS mandates that precious metal bullion must meet minimum fineness requirements before it can held as an investment in an IRA. Start exploring your eligible gold, silver, platinum and palladium options today!
Frequently Asked Questions
Diversification, Tax Benefits and Secure Storage
Investing in bullion such as gold, silver, platinum and/or palladium through your self-directed IRA is one way to diversify your retirement portfolio! The IRA will own the physical metals which will be insured and stored in a secure depository of your choosing until you decide to sell, exchange or personally take possession of the metals. All investments through a self-directed IRA are tax-deferred or tax-free (in the case of a Roth IRA) until the time of distribution.
- How do I open a precious metals IRA account?
- Step 1 – Open and fund your IRA. Provident Metals has partnered with Preferred Trust Company to provide custody and administration services for all your self-directed IRA needs! Complete your application for an IRA with Preferred Trust today and select how to fund your account – via a direct custodial transfer from another Qualified retirement account, a rollover and/or a personal contribution (subject to IRS contribution limits).
Step 2 – Select a Depository. The IRS requires that the physical metals are held in depository through the Custodian for benefit of you. You have option to select a depository that the Custodian currently has an agreement with or one of your choosing.
Step 3 – Purchase metals. You will be able to shop from our list of eligible metals. Once you’ve selected the bullion, Preferred Trust Company will fund the metals purchase from your IRA and the metals will be shipped from Provident to the depository you selected.
- What is a self-directed IRA?
- A truly self-directed IRA is a Qualified retirement plan that allows you the ability to invest in alternative assets such as real estate, precious metals, digital currency, etc.
- 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?
- A self-directed IRA is the only way for you to invest in alternative assets such as precious metals. A self-directed IRA is one way to diversify your retirement dollars.
- I already have an IRA. How can I invest in precious metals?
- You will need to verify whether your current IRA service provider allows alternative investments such as precious metals. If the answer is ‘YES’ then you can begin the process by contacting Provident Metals. If the answer is ‘NO’ then you will need to transfer your account to a Company that specializes in Self-directed IRAs such as Preferred Trust Company.
- 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 provider company. When deciding upon a Provider you should ask about set-up fees, annual fees, and storage fees. The fees will vary based on whom you choose as a Provider. Preferred Trust Company is an industry leader, extremely affordable, and there are no hidden fees whatsoever.
- Can I store the precious metals held by my IRA?
- The IRS does not allow individuals to personally store the precious metals owned by their IRA; you must select a depository.
- What type of self-directed IRA account should I open?
- You have the option of opening a Traditional, Roth, SEP or SIMPLE self-directed IRA. We recommend you speak with your CPA/Tax Specialist to determine which type of account is best for you. If you currently have a Traditional IRA with a standard service provider then it would transfer/roll-over to a Traditional self-directed IRA.
- 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 Provider. 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 most I can contribute to my IRA?
- Individuals younger than 50
The 2018 contribution limit for Traditional and Roth IRAs for individuals under age 50 is $5,500.00.Individuals 50 and older
For individuals age 50 or older the annual contribution limit is $6,500.00.
For more information about contribution limits please visit IRS Website
- Can I take personal possession of the precious metals held by my IRA?
- Yes, you may take possession of the metals via a distribution through your IRA which is considered a taxable event. We recommend speaking with your CPA/tax specialist regarding your tax liability in relation to distributions.
- How do I make a contribution? How often can I contribute?
- There is no limit to how often you can make a contribution to your IRA however there are IRS imposed contribution limits and deadlines as to when contributions can be made by. We recommend speaking with your IRA service provider to determine the accepted methods of payment for their institution. You can find out more about contribution limits by visiting the IRS website at IRS Website
- Are rollovers a reportable event to the IRS?
- Your rollover is reported as a distribution, even when it is rolled over into another eligible retirement account.
- Can I complete an IRA-to-IRA rollover if I have already completed an IRA-to-IRA rollover this year?
- Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own.
- I have received an IRA distribution. How long do I have to roll that over?
- If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan, so you’ll have to use other funds to roll over the full amount of the distribution.
- 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?
- A retirement plan distribution paid to you is subject to mandatory withholding of 20% even if you intend to roll it over later. A distribution sent to you in the form of a check payable to the receiving plan or IRA is not subject to withholding.
- 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 Providers 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 Provider 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.
- 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 Provider. The IRS requires that you complete the rollover of funds to your new Provider 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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