1. Why should I add gold and silver to my retirement assets?
Many investment experts recommend that investors add gold and/or silver to their retirement accounts because of the long-established wealth protection benefits that precious metals provide.
Gold and silver are “safe haven” assets, which secure your retirement and fluctuate in an independent manner from other markets such as the S&P 500 or the NASDAQ. If you are over-exposed to “paper” markets, you could be in for a rough, volatile ride at times. If you have only a few years before retirement, a quick stock market drop could leave you with a severely curtailed lifestyle in the future. Physical gold and silver offer a powerful diversifying tool, with the high IRA Rollover, that any investor can use to their benefit and help secure their financial future.
2. What is a gold IRA?
Our Gold IRA is an Individual Retirement Account (IRA) that can include IRS-approved physical gold, silver, platinum and palladium. The 401K account enjoys all the same tax-deferment benefits that a traditional IRA provides and a high rollover. The precious metals are held in custody by an IRS-approved custodian for your benefit.
3. How does a gold IRA work?
Our innovative Gold IRA allows you to hold physical precious metals such as bullion coins and bars of gold, silver, platinum and palladium in a tax-deferred account. Request our current offerings to see the many options we offer. Orion Metal Exchange will walk you through the entire easy process to open the IRA, which can be funded with cash or a rollover of an existing retirement account. We offer numerous IRS-approved options which include popular products such as American Gold and Silver Eagles. These precious metals can be stored in Orion Metal Exchange’s secure depository partners. Our Gold IRA falls under the same exact tax rules as other IRAs. Any contributions to your IRA can be deducted from your federal income taxes – tax is only due upon withdrawal. As with other IRAs, the gold and silver you buy and hold cannot be withdrawn from the account until you reach the age of 59 1/2 years of age, or you will have to pay taxes on your withdrawal as well as a 10 percent penalty for the early withdrawal. You must also begin making mandatory minimum withdrawals at age 70 1/2 (and pay taxes on those withdrawals) as with any other IRA. If your Gold IRA is set up as a Roth account, you can make tax-free withdrawals anytime because you were already taxed on the contributions. You also will not have to start withdrawing at age 70 ½.
4. Do my retirement funds stay tax deferred in my gold IRA?
Yes. Our Gold IRA has the same tax-deferment benefits as any other IRA. Note that this also means that the same limitations on early withdrawal will apply. We recommend that you consult with a tax attorney or accountant to learn how this might apply to your specific circumstances.
5. What costs are associated with a gold IRA?
Orion Metal Exchange offers investors many advantages over other precious metals IRAs, including NO setup fees or transfer fees. We also offer free storage of your gold and silver for up to three years. Call one of our Account Executives today for full details.
6. Can I store my IRA precious metals at home?
Orion Metal Exchange does not recommend storing your metals at home for precious metals IRA’s in compliance with Internal Revenue Code Sections: 408(m)(3)(B) and (n). We recommend any depository such as Brinks/DDSC that handles precious metals for IRA’s.
7. What is a 1099-B IRS form?
One of the purposes of IRS Form 1099-B is for a Precious Metals dealer to report the proceeds of customer sales to the dealer of any of the Precious Metals from the IRS Reportable Items List. If you have additional questions, please consult a tax professional for details on your specific tax situation.
8. Why is this form required to be filled?
The 1099-B form is used to report any proceeds paid to a non-corporate seller to the IRS. This reporting enables the IRS to determine whether individuals who may be selling items as a source of income have properly reported the income from those sales on their tax returns. If you have additional questions, please consult a tax professional for details on your specific tax situation.
9. When is a 1099-B filed?
Dealers are required to file a 1099-B form when a customer sells the minimum quantity of any Precious Metals product that is included on the IRS’s Reportable Items List. Reporting specification varies depending on the specific coin or bullion piece(s) sold. If you have additional questions, please consult a tax professional for details on your specific tax situation.
10. What items are IRS-reportable items?
The IRS has specific rules related to reportable transactions that require a Form 1099-B to be filed and those rules are included in the Form 1099-B instructions on the IRS website. The following are guidelines provided by ICTA related to Precious Metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.
11. Should I purchase gold, silver, platinum or palladium?
As with any investment, diversification is always important. A good mixture of Gold, Silver, Platinum and Palladium in your portfolio will help reduce your risk.
12. How much should I invest into precious metals?
Most investment professionals recommend 10-20 percent of your assets be in Precious Metals. Now more than ever it is important to be diversified in Precious Metals. Some believe now is the time to be heavier into Gold and Silver. That decision is up to you.