Thankfully, a SEP IRA can help. This unique type of retirement account is primarily used by freelancers, contractors, and small business owners (and those who work for them). The account can even be used to invest in gold, silver, and other precious metals. A SEP Gold IRA is an invaluable asset
for any retirement portfolio.
It is beneficial for entrepreneurs, contractors and self-employed people who want to reduce their taxable income due to the high contribution limits and tax deductibility. These accounts are treated like normal IRAs and offer the same investment options as traditional IRA plans. While the price of gold rose to new highs over the summer, you’ve probably seen a number of ads recommending investing in gold via an IRA. You can transfer your IRA to a qualified retirement plan (such as a 401 (k) plan), provided that the retirement plan is worded to accept this type of extension
.
In general, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is 70½ years of age or older and paid directly by the IRA to a qualifying charity. As soon as you sign up, we’ll send you a free PDF report titled 5 Scams You Should Avoid When Investing in Bullion Gold %26 Silver so you can avoid beginner mistakes that can cost you a lot when buying gold or silver. Gold bars and round gold and silver bars are also allowed in an IRA if they have a fineness of 99.9%. However, you should use Form 8606 to report amounts that you converted from a traditional IRA, a SEP, or a simple IRA to a Roth IRA
.
Do not use Form 8606, Non-deductible IRAs PDFPDF, Non-deductible IRAs to report non-deductible Roth IRA contributions. Since the investment restrictions for SEP IRAs are the same as for traditional IRAs, you can own gold in your SEP IRA. A reclassification allows you to treat a regular contribution to a Roth IRA or to a traditional IRA as if it was made to the other type of IRA. The only divorce-related exception to IRAs is that you transfer your interest in the IRA to a spouse or former spouse and the transfer is made under a divorce or separation certificate (see IRC Section 408 (d) ()
.
Below, I’ll break down exactly what a SEP IRA is, how it compares to other tax-advantaged retirement accounts, and how you can protect your retirement savings from volatility during your golden years by using alternative assets stored in an IRA. SEP IRAs, a variant of traditional IRAs, are not employer-independent and allow tax-deductible contributions to employee accounts or business owner accounts with much higher limits than standard IRAs. The ETF is also able to buy, store, and insure gold at a much lower price than you or an IRA custodian
can.
