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What Is a Gold IRA?
These individual retirement accounts were created with the Taxpayer Relief Act of 1997.
Under the Act, the IRS broadened the types of assets that could be held in this type of account to include physical gold, silver, platinum, and palladium, either as coins or bullion.
Since gold is the most popular of the four precious metals, these accounts are commonly referred to as gold IRAs.
Just like traditional IRAs, all increases in the value of your gold and silver are tax-deferred until you withdraw the funds from your account.
Gold IRAs come in three types:
Roth Gold IRA (Post-Tax) – you invest with after-tax dollars, but all withdrawals during retirement are tax-free.
Traditional Gold IRA (Pre-Taxed) – your deposits may be tax deductible, while your withdrawals during retirement will be taxed as regular income.
SEP Gold IRA – a Simplified Employee Pension IRA that is available to small business owners, their employees, and self-employed workers.
As part of the individual retirement account, you must store your physical gold at an IRS-approved facility, like a bank or depository.
You can’t take actual possession of your gold, or it will be treated as a withdrawal under IRS rules and may be subject to penalties.
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