With another tax deadline looming on the horizon, investors are eager to get their IRA contributions in before it’s too late. As you start to peel back the layers of IRA contributions, you quickly realize there’s a lot of detail behind a seemingly simple transaction.
Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Sr. Advisors Steve Rand & IRA Liaison Michelle Ellis explain when 2022 contributions are due, how you can make your Precious Metals IRA contributions, and what limitations the IRS applies.
The 2022 Deadline is Incoming!
As of today, you have 47 days (and counting!) to lower your 2022 taxable income and top up your retirement accounts. April 18, 2023 is the official tax deadline for 2022 IRA contributions which is approaching quicker than you might expect. The standard limit for investors under 50 is $6,000 although that cap is raised to $7,000 for individuals 50 and older.
Making a contribution doesn’t have to be a hassle. The Precious Metal Advisors and IRA Liaison at Scottsdale Bullion & Coin make it quick and easy to contribute to a precious metals IRA. We can handle all the paperwork and payment processing on your behalf so all you have to worry about is deciding how much to contribute.
Too Early for 2023 IRA Contributions?
Not at all! In fact, now is a perfect time to add to your precious metals IRA since gold and silver prices have retreated slightly, making prices a “gift” right now. The quicker you can take advantage of these prices, the larger your gains in the long run. Better yet, the IRS expanded IRA contribution limits for 2023 to account for increased living costs from runaway inflation. Investors under 50 can add up to $6,500 while those 50 and older can add up to $7,500.
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Don’t Forget About Old Retirement Plans
The lethal combination of an unprecedented pandemic and global economic turmoil upended the professional lives of millions of Americans, leaving many investors with old 401(k)s, 403(b)s, and other forms of employer-sponsored retirement plans. Don’t just let these valuable retirement accounts collect dust when you can put them to work for you.
You can rollover these abandoned accounts into a precious metals IRA to diversify your nest egg and hedge against inflation while still getting tax-deferred growth. We can help you locate these accounts (even ones you’ve forgotten about) and transfer them to the proper custodian.
Knock Out Your 2022 Contributions Now
There’s no time like the present to make your 2022 IRA contributions, especially when the deadline is right around the corner. Gold and silver are expected to have a big year in 2023, so it’s an ideal time to scoop up some more precious metals.
Contact one of our Precious Metal Advisors by calling 1-888-812-9892 or using our live chat function. They can help you knock out your 2022 IRA contribution and maybe even handle next year’s while you’re at it.