Typically, the government penalizes savers who withdraw funds from tax-deferred retirement accounts prior to age 59 1/2 with a 10% withdrawal penalty; however, certain exceptions exist. One major advantage is being able…
Category: Blog
How is GLD Taxed in IRA?
Investing in precious metals can be an excellent way to diversify your retirement account, but it is crucial that you understand how they are taxed. The Internal Revenue Service has determined that…
Can an LLC Own Precious Metals?
Precious metals provide diversification many investors seek in their retirement accounts, and the IRS allows IRAs to purchase and store them according to certain guidelines. Rhode Island couple made this mistaken decision,…
Should I Hold ETFs in My Roth IRA?
Roth Individual Retirement Accounts (IRAs) allow investors to invest in an array of assets, including exchange-traded funds that offer low costs and diversification. ETFs that specialize in growth stocks are ideal for…
Can 457 Plans Be Rolled Over to an IRA?
Contributions made to a 457 plan can be tax-deferred; when withdrawing it will become subject to income taxes. Non-governmental 457 plans can have two key drawbacks that you should carefully consider: you…
Can an IRA Invest in Gold Coins?
Gold-Backed Individual Retirement Accounts (IRAs) enable individuals to invest in physical gold as part of their retirement savings strategy, but may not offer competitive before-tax returns due to taxes levied at long-term…
Should You Buy Gold Coins Or Gold Bars?
Gold bars are generally seen as more reliable investments. Their purity makes them instantly recognizable and their set unit weight makes selling or trading easier with other investors. Their value fluctuates based…
Do You Have to Report Gold to the IRS?
Precious metals dealers must report coin and bullion sales by their customers to the IRS to prevent instances of tax evasion. Therefore, it’s crucial that sellers understand the tax implications associated with…
How Do You Get Gold in an IRA?
Have you seen commercials advertising the ability to own physical gold in an individual retirement account (IRA)? While physical gold can provide diversification benefits, it is important that investors understand its rules…
How Do I Cash Out an Inherited Roth IRA?
An inherited Roth IRA comes with its own set of rules and regulations, making it essential to fully comprehend any tax implications before making decisions about how best to use it. First…