If you are considering diversifying your savings by opening a gold individual retirement account (IRA), you probably want to know how the rules differ for a gold IRA compared to a standard retirement account.
Gold and standard IRAs are the same in many ways, but there are a few differences. In this guide, we compiled the most common questions about Internal Revenue Service (IRS) regulations for gold IRAs, including details about contribution limits, withdrawal penalties, taxes, and distributions.
Common Questions About IRS Regulations for Gold IRAs
While regular IRAs only allow you to hold stocks, mutual funds, and other traditional investments, a gold IRA is a self-directed account that enables you to purchase IRS-approved precious metals, including gold, silver, and platinum….