Taking possession of silver coins in a Solo 401K
I’m trying to determine whether I can buy and take physical possession of US Silver Eagle coins within my Solo401(k) without having the plan disqualified or having the IRS consider my taking possession of said coins as a distribution.
I am the custodian, trustee and beneficiary of this retirement plan.
I’ve looked at what I believe to be the pertinent IRS rules and I cannot determine FOR SURE whether or not taking possession of the coins would be permissible in my Solo K. The pertinent IRS rules I’ve looked at are Section 408(m) Investment in collectibles treated as distributions(It is apparently permissible to take possession of certain coins such as the Silver Eagle in an IRA)and Possibly Section 26 Tax on prohibited transactions(it doesn’t appear to be a prohibited transaction).
Permalink Submitted by Alan - IRA critic on Sat, 2013-05-25 23:58
See following link which describes the issue of personal possession of the coins and other issues. Also, note that your plan would have to purchase these coins. You cannot change the ownership of coins you already own to the plan or sell the coins to the plan: http://www.irafinancialgroup.com/purchasing-coins-with-a-solo-401k-plan.php
Permalink Submitted by Tom Sotta on Tue, 2013-05-28 17:02
Thanks So Much!