A gold IRA follows the same tax rules as any IRA: the standard contribution limit ($7,000 in 2024, plus the age-50 catch-up), required minimum distributions from age 73 for traditional accounts, and a 10% additional tax on most withdrawals before 59½. The metal-specific rules: bullion must meet the fineness floors of 26 U.S.C. § 408(m)(3) and be held by a qualifying trustee — home storage is a taxable distribution (McNulty v. Commissioner, 2021).
A gold IRA is taxed like any other IRA. That single sentence does more work than most of the marketing around these accounts, because it means every rule below already existed before anyone put metal in the wrapper. Here they are, with citations, in the order they’ll matter to you.
Where the account type comes from
The Taxpayer Relief Act of 1997 (P.L. 105-34) expanded IRC § 408(m) to let IRAs hold certain bullion, which is the entire legal basis of the modern gold IRA. Before 1997, the collectibles rule kept nearly all metal out.
Contribution limits
New cash contributions follow the standard IRA limit: $7,500, or $8,600 with the age-50+ catch-up for 2026, combined across all your IRAs (irs.gov). The figure adjusts with inflation each year, so confirm the current number at irs.gov before relying on it.
Most gold IRAs aren’t funded by contributions at all. They’re funded by rollovers and transfers from existing retirement accounts, and those have no dollar cap. The distinction matters: a $150,000 rollover is fine; a $150,000 contribution is not a thing.
The fineness rules
Under 26 U.S.C. § 408(m)(3)(B), IRA bullion must meet minimum purity: gold 0.995, silver 0.999, platinum 0.9995, palladium 0.9995. 26 U.S.C. § 408(m)(3)(A) separately lists American Eagle coins, which is why the 22-karat (0.9167) Gold Eagle qualifies despite missing the bullion fineness floor. The full product list, eligible and not, is at IRA-Eligible Gold.
The custody rule, and McNulty
Metals must be held by a qualifying trustee. In McNulty v. Commissioner, 157 T.C. No. 10 (U.S. Tax Court, 2021), Taking personal physical possession of IRA-owned metals — including ‘home storage’ via a checkbook LLC — was treated as a taxable distribution. The taxpayers in that case owed tax on the full value of the coins the moment they took possession, plus accuracy-related penalties. There is no LLC structure that has survived this analysis. Treat every home-storage promotion accordingly (Gold IRA Red Flags).
Early withdrawals
Distributions before age 59½ generally take a 10% additional tax on top of ordinary income tax, with statutory exceptions (disability, certain medical costs, substantially equal periodic payments, and others). Taking metal in-kind counts the same as taking cash: the distribution is valued at fair market value and taxed from there.
The once-per-year rollover rule
Only one indirect IRA-to-IRA rollover is allowed in any 12-month period across all of a person’s IRAs. Trustee-to-trustee transfers are not subject to this limit. This is one more reason the direct, trustee-to-trustee route wins: transfers don’t touch the limit, and they can’t miss the 60-day deadline either. The full direct-versus-indirect breakdown is in 401(k) to Gold IRA Rollover.
Required minimum distributions
Required minimum distributions from traditional IRAs start at age 73 under current law, scheduled to rise to 75 in 2033. Roth IRAs have no RMDs for the original owner. A metals IRA adds one practical wrinkle: an RMD must come out as cash from a sale or as metal in-kind, and either way the distribution is taxable at fair market value for a traditional account. People who hold until 73 and then discover they must sell metal on a schedule sometimes wish someone had mentioned it earlier. Consider it mentioned.
Roth versions
A gold IRA can be traditional or Roth. Roth accounts skip RMDs for the original owner and take qualified distributions tax-free, in exchange for after-tax funding. Converting traditional money to Roth is a taxable event in the conversion year, metal or no metal; the mechanics are in Convert an IRA to Gold.
Frequently asked questions
How much can I contribute to a gold IRA?
The same limit as any IRA, because a gold IRA is an ordinary IRA with different contents. For 2024 that was $7,000, or $8,000 with the age-50 catch-up, combined across all your IRAs. Limits adjust with inflation, so check the current year’s figure on irs.gov. Note that rollovers from an existing 401(k) or IRA are not contributions and have no dollar cap.
When do required minimum distributions start?
Age 73 for traditional IRAs under current law (SECURE 2.0), scheduled to rise to 75 in 2033. Roth IRAs have no RMDs for the original owner. RMDs from a metals IRA can be taken in cash after a sale or in-kind as metal, and the in-kind route is a taxable distribution at fair market value.
What happens if I withdraw before 59½?
Generally ordinary income tax plus a 10% additional tax on the taxable amount, with statutory exceptions for disability, certain medical expenses, substantially equal periodic payments, and a few others. The penalty applies whether you take cash or metal.
Can I store my gold IRA metals at home?
No. The U.S. Tax Court held in McNulty v. Commissioner (2021) that taking personal possession of IRA metals, including through a checkbook-LLC arrangement, is a taxable distribution of the full value. Every ‘home storage gold IRA’ pitch invites you into that fact pattern.