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How to Rollover Your Gold IRA

How to Rollover Your Gold IRA

Gold IRA rollovers are a great way to add more security to your retirement plan. If you have an existing IRA, it’s possible to transfer some or all of the funds into your new gold IRA account. This is also known as a “rollover” or “transfer.”

To do this, you’ll need to work with a qualified custodian of precious metals. A custodian is an entity that holds assets on behalf of another individual or organization. The custodian will help you move assets from one institution to another, which can be complicated and time-consuming if done incorrectly. If you want to rollover gold IRA into a new account, here’s what you need to know.

The process requires two steps: first, transferring the gold from your old IRA into the new one; second, closing out the old account at your current institution and opening an account at your new institution.

How to Rollover Your Gold IRA

The gold you want to transfer must be in the form of coins or bars. You can’t transfer gold jewelry, let alone other types of precious metals like silver or platinum. If your current IRA holds only gold bullion, then you’ll need to sell it and purchase the type that’s eligible for rolling over into a new account before transferring it. This means looking for an institution that offers both types of accounts at once.

The rules for rolling over a retirement account are pretty simple, but there are some important details to be aware of. First, you’ll need to fill out a new application for the new account. This is a standard process that can take up to two weeks depending on your institution’s policies; if you want any money from your old IRA in the meantime, it might be best to transfer it into an eligible checking or savings account instead.

Second, you can only roll over funds from an old IRA into a new one once every 12 months. This limit applies to each account individually, so if you have two IRAs that are eligible for rollover and want to transfer them both into one new account, you’ll still need to wait until the next year before doing so again.

Third, you may be subject to income tax on the funds that you roll into an IRA. If your old IRA has appreciated in value over time, rolling it over into a new account may trigger capital gains taxes on the difference between what the money was worth before you rolled it over and how much it’s worth now.

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