The IRS requires that any IRA be managed by a qualified custodian, such as gold silver IRA custodians. Self-employed account custodians don't provide investment advice, but they do provide administrative and reporting services, and will purchase precious metals on your behalf based on your instructions through your IRA account. Our preferred gold silver IRA custodians will help you create and maintain your precious metals IRA. They will also provide their preferred deposits for the storage of their IRA-eligible products. In addition to the cost of the ingots themselves, most of the cost associated with investing in a precious metals IRA comes from the IRA depositary who has been tasked with storing IRA gold in an approved warehouse.
Birch Gold Group works with custodians such as Equity Trust Company and STRATA Trust Company, who specialize not only in self-managed IRA accounts, but also in precious metals. You can also choose to resell your metals to an authorized dealer and the cash received would be returned to your IRA. When considering storing precious metals and what to look for in the warehouse where you keep your gold and silver, you'll also likely need to open an account with a new depositary who is familiar with the necessary documentation. You'll also want to know if they charge installation and administration fees, all of which can increase the cost of opening and owning a precious metals IRA.
The depositary of an IRA is another component of a self-directed, secure, and legal IRA, whether you own precious metals or other assets. You can buy gold coins and ingots of gold, silver, palladium and other precious metals that meet certain fineness requirements with your IRA. Learn more about how a precious metals IRA can do it. If you haven't already done so, check out this page on precious metal IRAs and how your specialist can help you.
However, there are some important tax concepts that are worth knowing and considering when analyzing the role of the depositary of a precious metals IRA. Therefore, the most sensible thing as an investor may be to open an account with a depositary through one of its partner gold IRA companies, in order to avoid complications and unnecessary fees when opening and storing your self-directed precious metals IRA. With a precious metals IRA, planning for your retirement will include deciding what type of self-directed IRA (SDIRA) you want to open (traditional, Roth, SEP, or SIMPLE), how much and when to contribute, and what assets to hold. As with any early distribution of an IRA account, taking physical possession with a full or partial distribution of your precious metals can result in taxes and penalties, unless transferred to another qualified depositary.
Therefore, to own a precious metals IRA, you'll need a custodian to carry out your transactions, as well as to file taxes and paperwork for your physical gold, silver, platinum or palladium.