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FAQ: What is a gold IRA rollover? What is an IRA transfer?

December 30, 2022

Gold IRA rollovers and transfers work in much the same way as any other rollovers or transfers. So let's start there.

In the context of an Individual Retirement Account (IRA), a rollover refers to the process of moving assets from one IRA to another, or from a retirement plan, such as a 401(k), to an IRA. A transfer refers to the process of moving assets from one IRA to another, but without taking possession of the assets.

It is possible to roll the assets from one IRA into a self-directed precious metals IRA in order to hold gold and silver in a tax-advantaged retirement account. Under most circumstances, Lear Capital covers account fees and offers a 24 hour risk free purchase guarantee.

A rollover involves the physical movement of assets from one account to another, and the individual receiving the assets has 60 days to redeposit them into a qualified retirement account. If the assets are not redeposited within the 60-day period, the rollover is considered a distribution, and it may be subject to taxes and penalties, depending on the individual's age and tax situation.

A transfer, on the other hand, does not involve the physical movement of assets. Instead, the assets are simply transferred from one IRA to another without the individual taking possession of them. 

It's important to note that there are limits on the number of rollovers and transfers that can be made within a certain period of time. The same applies to precious metals accounts. For example, the Internal Revenue Service (IRS) generally allows only one rollover per IRA in a 12-month period. If more than one rollover is made within the 12-month period, the excess rollovers may be subject to taxes and penalties.

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