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    Home»All»Begin Your Bitcoin Investments with an Essential IRA Review

    Begin Your Bitcoin Investments with an Essential IRA Review

    Trevor James.cBy Trevor James.cJanuary 9, 2022No Comments3 Mins Read
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    Before you start trading Bitcoin, take a look at an IRA that features the cryptocurrency. Doing so will save you on taxation and will give you the opportunity to build for retirement. Because Bitcoin is considered a property by the IRS, it falls under different rules than fiat currency.

     

    For example, if you trade Bitcoin and report a gain, you will be taxed. However, by investing in Bitcoin in an IRA, you won’t be charged a tax on the earnings. Usually, people set up a Roth self-directed IRA (SDIRA) when investing in the cryptocurrency.

     

    While you have to pay taxes on Roth contributions, you are not assessed taxes on earnings or withdrawals – provided your allocation is made after you turn 59 ½ years old. Accounts need to be established 5 years before tax-free allocations are made after the account holder reaches 59 ½ years old.

     

    To better understand the dynamics of a Bitcoin SDIRA, you need to perform a Bitcoin IRA review. Again, your first consideration is the tax, as an IRA offers a tax shelter for your investments. 

     

    An SDIRA is an IRA that is used for alternative investments, such as crypto, precious metals, or artwork. These alternative asset classes are not included in traditional IRAs, which feature investments such as stocks, bonds, mutual funds, and ETFs.

    Re-reviewing the Tax Advantages

    The IRS categorizes Crypto Tax Calculator Australia as property. Therefore, every time you realize a gain when you trade, you are subject to a capital gains tax. However, if you place your crypto into an SDIRA, you don’t have to pay the tax each time you make a long-term or short-term gain.

    Differing Features of Roth Bitcoin and Traditional Bitcoin IRAs

    While a Roth Bitcoin IRA from Viva Capital does not offer tax deductions on contributions, it does allow you to make withdrawals tax-free. A traditional Bitcoin IRA defers the tax until you make the withdrawals. 

     

    However, a Roth IRA gives you more advantages on future earnings as you don’t have to pay a capital gains tax on allocations.  Therefore, it just depends on the timing.

     

    Most retirees like the idea of avoiding the payment of taxes when they retire, thus making a Roth IRA a more desirable investment.

    Enrolling in A Bitcoin IRA

    To enroll in a Bitcoin IRA, speak to a financial company that offers this type of product. The application process is usually fast, and you can start investing fairly quickly. 

     

    The account is managed by a custodian that handles application processing and oversees contributions and the allocation of funds. Funds are traded on a crypto exchange, much like stocks and bonds are traded on the stock exchange.

    Rollovers from Other Retirement Accounts

    The custodian for your Bitcoin IRA will also handle rollovers from other retirement accounts, or traditional stock and bond IRAs and 401(k) accounts. You can rollover a percentage or all the money from an old account into your new Bitcoin IRA. You can also maintain separate accounts if you so choose.

     

    Rollovers may be either direct or indirect, with direct rollovers safer for investors. A direct rollover allows you to transfer funds without worrying about the payment of taxes or an early withdrawal penalty. 

     

    An indirect rollover is slower, as you have to wait for a check in the mail. After you receive the check, you have 60 days to transfer funds. If you don’t meet this due date, you will be assessed taxes and an early withdrawal fee.

     

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