Funds must be deposited in new IRA within 60 days to avoid penalties
Penalties
10% early withdrawal penalty if under 59.5 years old, plus income tax on full amount if not completed properly
Gold Purity Requirement
IRS requires gold to be at least 95% pure
Approved Gold Forms
IRS-approved gold bullion, coins, and bars
Storage
Purchased metals must be stored by the custodian
Frequency Limit
Only one rollover allowed in any 12-month period
Key Considerations
Understand rollover rules, choose between direct and indirect rollover, be aware of potential tax implications
This table provides a concise overview of the key aspects involved in a 401(k) to Gold IRA Rollover, including the process, benefits, requirements, and important considerations.