401(k) to Gold IRA Rollover Calculator

401(k) to Gold IRA Rollover Calculator

Here’s a comprehensive table summarizing all you need to know about a 401(k) to Gold IRA Rollover:

AspectDetails
DefinitionA process of transferring funds from a 401(k) to a self-directed IRA that allows investment in physical gold and other precious metals
EligibilityTypically possible after leaving the company through career change, layoff, or retirement
BenefitsPortfolio diversification, hedge against inflation, fewer restrictions for heirs, potential tax benefits
Types of RolloversDirect (funds sent directly to new IRA) and Indirect (funds sent to you, must deposit within 60 days)
Steps1. Choose gold IRA provider
2. Select self-directed IRA custodian
3. Select investments
4. Submit paperwork
5. Execute rollover
6. Purchase gold assets
Time FrameFunds must be deposited in new IRA within 60 days to avoid penalties
Penalties10% early withdrawal penalty if under 59.5 years old, plus income tax on full amount if not completed properly
Gold Purity RequirementIRS requires gold to be at least 95% pure
Approved Gold FormsIRS-approved gold bullion, coins, and bars
StoragePurchased metals must be stored by the custodian
Frequency LimitOnly one rollover allowed in any 12-month period
Key ConsiderationsUnderstand 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.

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