Below are the types of accounts that can hold precious metals.
A Traditional IRA allows you to contribute and invest income for retirement. Contributions are often tax deductible, and earnings are tax-deferred, if not distributed before age 59 ½.
A Roth is funded with post-tax dollars, but all earnings, including interest, capital gains, and dividend income, grow tax free. You pay income taxes on the initial contribution in the year that it is made, but you can withdraw the earnings tax-free, as long as certain requirements are met.
A Simplified Employee Pension (SEP) Plan provides an easy, flexible, low-cost retirement option if you are self-employed or a partner or owner of a corporation. A SEP retirement plan is basically a Traditional IRA that allows you to make contributions for yourself and your employees.
A Savings Incentive Match Plan for Employees (SIMPLE) is an IRA-based plan that gives employers an easy way to make contributions toward their employees’ and their own retirement. A SIMPLE is for self-employed individuals or small businesses with 100 or fewer employees.
A self-directed Individual(k) Retirement Account gives you the maximum flexibility and financial ability to invest in your future. The Individual(k) is similar to a 401(k), but for businesses that employ only the owners, their spouses, and partners.
A Health Savings Account (HSA) is a tax-advantaged medical savings account for people who are enrolled in a high-deductible health plan (HDHP). You can use the funds for medical expenses, such as prescriptions, eye care, dental, and some over-the-counter medications. The funds contributed to your HSA are tax-deductible, reducing your taxable income.
A Coverdell Education Savings Account (ESA) is a way to save for your child's education on a tax-free basis. Contributions to an ESA are not tax deductible, but the earnings grow tax free.
For more information on available plans through Entrust, contact our precious metals service team..