How to get Gold IRA Physical Possession at Home
Taking physical possession of gold in IRA is not an easy task. According to IRS Regulations, the IRA account holder must find a custodian for the physical possession of the gold bullion. One can not simply store the gold bars or coins at home. The IRA custodian or company must be IRS approved. Under the subsection 408(m), the storage facility can be a federal bank, a trustee or a company that comes under the Miscellaneous Revenue Act of 1988 (“TAMRA”). The article section 408(m) 3[A] lists the IRA approved gold bars and coins which can be purchased with retirement funds.
The article section 408(m) 3[A] lists the IRA approved gold bars and coins which can be purchased with retirement funds. Gold, Silver, Platinum and Palladium bars and coins are seen as allowed precious metals which can be purchased with the funds. If the account holder possesses a traditional 401k account, he/she must rollover 401k to self-directed gold IRA account for the actual purchase.
Loophole in the IRS Physical Possession of Gold
Storing physical gold bars in IRA at home is against law. You may face heavy penalties by the revenue department. But there is a loophole in the system. The Department of Revenue of United States of America has left an uncertainty in the law for the retirement accounts. According to the state law, the account holder can not possess physical gold bars with himself. but what about gold coins? There is no clear evidence in the law which permits the account holder not to possess gold coins at home or at a private place. So consequently one can simply exploit this loophole to take the gold IRA physical possession.
Gold IRA is the best investment that you can make in the current financial year. Rollover your 401k into gold backed IRA without penalty by IRS. Gold backed retirement account funds can be withdrawn before the actual 401k rollover. There are some special criteria by which one can withdraw some amount of money without penalties. These parameters are well defined under the tax and regulations article of United states law.
The special parameters are as follows:
- Medical Expenses: One can simply withdraw IRA funds without penalty in order to pay medical bills.
- Higher Education: If your children want to go for higher studies and you are in need of money then you can take out some of your IRS funds to pay college expenses. The college expenses cover general fees, accommodation charges, books, and supplies.
- Emergency Services: Although there are particular cases specified in this parameter but the account holder must present a valid reason for the withdrawal to avoid IRS penalties.
These parameters can help you avoid penalties when you withdraw your retirement funds before maturity.
The actual gold IRA physical possession at home is not possible until approved by IRS. There is uncertainty in the law which allows the account holder to possess IRA approved gold coins. There is a need for precise and clear mention of gold bars and coins in the IRS article 408m to remove the doubt. One should simply hire an IRA custodian who takes care of the precious metals on behalf of the account holder. One of the most trusted custodians is Regal Assets.