TPA Bob Posted March 30, 2009 Posted March 30, 2009 Have had numerous client calls but now one who is serious, has a 401(k) plan with self direction. Participant (shareholder attorney) who wants to investment in gold coins. Would presumably obtain, put is a safe deposit box. My first thought was you cannot do this but seems upon a quick reading appears you can invest 401(k) funds in gold coins. I find no guidance or private letter rulings on the subject. Does anyone have any thoughts other than run. Thanks.
Guest mjb Posted March 31, 2009 Posted March 31, 2009 Have had numerous client calls but now one who is serious, has a 401(k) plan with self direction. Participant (shareholder attorney) who wants to investment in gold coins. Would presumably obtain, put is a safe deposit box. My first thought was you cannot do this but seems upon a quick reading appears you can invest 401(k) funds in gold coins. I find no guidance or private letter rulings on the subject. Does anyone have any thoughts other than run. Thanks. see IRC 408(m)(3) rules for investing in gold coins in a 401k plan which must be held by a trustee for the plan. The participant must pay for the trustee fees to hold the gold coins. edit: changed cite.
J Simmons Posted March 31, 2009 Posted March 31, 2009 Have had numerous client calls but now one who is serious, has a 401(k) plan with self direction. Participant (shareholder attorney) who wants to investment in gold coins. Would presumably obtain, put is a safe deposit box. My first thought was you cannot do this but seems upon a quick reading appears you can invest 401(k) funds in gold coins. I find no guidance or private letter rulings on the subject. Does anyone have any thoughts other than run. Thanks. It's probably been 12 or 13 years since I last researched it, but it seems that the research suggested that although there is a limited exemption for IRAs to be invested in certain U.S. coins, a QRP could not if the coins had any numismatic value beyond the value of the metal used in the coin. John Simmons johnsimmonslaw@gmail.com Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.
K2retire Posted March 31, 2009 Posted March 31, 2009 I had some in a trustee directed 401(k) plan several years ago. The issue that I recall was finding a fair market value that made everyone happy.
Guest mjb Posted April 2, 2009 Posted April 2, 2009 Have had numerous client calls but now one who is serious, has a 401(k) plan with self direction. Participant (shareholder attorney) who wants to investment in gold coins. Would presumably obtain, put is a safe deposit box. My first thought was you cannot do this but seems upon a quick reading appears you can invest 401(k) funds in gold coins. I find no guidance or private letter rulings on the subject. Does anyone have any thoughts other than run. Thanks. It's probably been 12 or 13 years since I last researched it, but it seems that the research suggested that although there is a limited exemption for IRAs to be invested in certain U.S. coins, a QRP could not if the coins had any numismatic value beyond the value of the metal used in the coin. IRC 408(m)(3) was amended in 1997 to allow the purchase of gold coins and bullion by self directed accounts in qualified plans.
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