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Can I purchase gold/silver with funds in my Solo 401k account at Fidelity?
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1 Reply
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Several part question: Can I purchase physical gold/silver with funds in a prototype solo Roth 401k trust that Mysolo401k assisted in setting up at Fidelity? I am over 60 y.o., plan established date is 2017. Can I use the checkbook feature of the account to purchase the metals with and can this be done without being classified as a loan and without penalty? If so, what other stipulations would need to be considered, ie) metal must be keep in safe deposit box in the name of the Trust?
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1) One may certainly transfer funds out of a brokerage account (e.g. at Fidelity, Schwab, etc.) for their self-directed Solo 401k provided by us to invest in alternative investments including physical gold/silver (e.g. by writing a check or wire tranfer from the brokerage account). In this case, the investment is not structured as a solo 401k loan and it is also not considered to be a taxable distribution.
2) Physical gold may be stored in a storage facility (e.g. Delaware Depository Service Company) or in a safety deposit box associated with a bank in the name of the Solo 401k. See more: https://www.mysolo401k.net/purchase-precious-metals-e-g-gold-solo-401k-self-directed-solo-401k-solo-401k/
