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Are Taxes Due When Inheriting a Gold IRA?

Are Taxes Due When Inheriting a Gold IRA?

As we have pointed out many times, individual retirement accounts allow you to save and invest for the long run. You can buy a wide array of assets in a self-directed IRA, including gold and other precious metals. So the questions is Are Taxes Due When Inheriting a Gold IRA? When you pass away, your beneficiaries receive the IRA’s assets, including the gold you’ve accumulated. The timing of any taxes due on the inherited IRA depends on several factors, which I’ll touch upon in this blog.

Augusta Precious Metals Gold IRAs

Augusta Precious Metals is a leading provider of Gold IRAs. Generally, collectibles are not allowed in an IRA, but the IRS permits certain kinds of gold bullion coins and bars. Canadian Maple Leafs, Gold American Eagles, and a few other types of coins are OK, as are gold bars that are at least 99.9 percent fine. I’m very proud that our Gold IRAs come with very low expenses for items such as storage and insurance, and that no one sells gold for less than we do.

Spouse Beneficiaries

Many people name their spouse to take possession of a Gold IRA when they pass away. In an inherited traditional Gold IRA, your spouse doesn’t have to withdraw the gold and other assets from the IRA until he or she reaches age 70 ½, at which time he or she must begin taking required minimum distributions. Until then, no tax is due, and he or she only pays taxes on the amount withdrawn each year. The tax rate on the withdrawals is the marginal rate on ordinary income – that is, the rate on his or her last dollar of income for the year. The value of any withdrawn gold is based on its fair market value at the time it is distributed. Roth IRA distributions are tax-free.

Non-Spouse Beneficiaries

The timing of required distributions, and therefore the taxes, for a non-spouse Gold IRA beneficiary depends on a few factors.

The beneficiary can decide to withdraw the gold within five years of your death. However, the beneficiary might instead make withdrawals based on his or her life expectancy. If you designate more than one beneficiary, the timing of required withdrawals depends on the oldest beneficiary’s life expectancy. If one of the beneficiaries is a charity or some other organization, then the timing is more complex, but is never shorter than five years. You should consult with your tax advisor to make sure you fully understand the rules surrounding taxation on an inherited IRA.

Let’s Get Started

I can’t think of a better way to see to the long term financial security of your loved ones than leaving behind an Augusta Precious Metals Gold IRA. You know that gold can’t be devalued, and it has proven over the centuries to be a solid and reliable store of value in good times and bad. Contact us today to open up your Augusta Precious Metals Gold IRA, and get peace of mind for yourself and those you love.

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