There’s still time to contribute to your IRA – and fund it with physical precious metals! If you haven’t maxed out your retirement accounts for 2019, you can still do so through the extended tax filing deadline of July 15th.
IRA contribution limits for 2019 are $6,000 for individuals ($7,000 if you’re age 50 or older). For 2020, the limits are the same.
Also for 2020, there is no longer any age restriction on contributions to traditional or Roth IRAs – meaning those over age 70 ½ can now keep building up their retirement savings on a tax-advantaged basis.
You can choose to hold gold, silver, platinum, and/or palladium bullion coins, bars, and rounds, subject to certain IRS requirements, inside an IRA. By holding precious metals within an IRA, you can defer taxes on transactions done within the IRA.
At some point, you may want to switch your silver for gold, platinum, palladium... or conventional financial assets. You can execute any such trades within an IRA and avoid taxes.
The IRS does require that bullion products meet a certain purity standard. As a general rule, non-pure gold, silver, platinum, and palladium bullion items will be prohibited for ownership inside a precious metals IRA.
The exception to this IRA purity rule is the American Gold Eagle. Even though the Eagle is only 22k (and therefore isn’t pure), it has been given a special exemption since it is the flagship gold bullion product minted by the U.S. government.
For more information on how to open a precious metals IRA and fund it with approved coins, rounds, or bars available from Money Metals Exchange, see our comprehensive guide: Secure Your Retirement with a Self-Directed Gold IRA.
Or call one of our IRA specialists today at 1-800-800-1865 to get started on the road to tax-advantaged precious metals ownership.
About the Author:
Stefan Gleason is President of Money Metals Exchange, the company recently named "Best Overall Online Precious Metals Dealer" by Investopedia. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC and in hundreds of publications such as the Wall Street Journal, TheStreet, and Seeking Alpha.