Opening a Gold IRA: Every Document You’ll Sign (Walkthrough Before You Commit)

This comes from the custodian, the IRS-approved financial institution that legally holds your IRA. It is the foundational document that creates the account. Everything else in the package flows from it.

What it asks for:

• Personal information: full legal name, Social Security number, date of birth, and address. Exactly what you’d expect from any financial account opening.
• Account type: Traditional IRA (pre-tax contributions), Roth IRA (after-tax contributions), or SEP IRA (for self-employed). Most gold IRA rollovers land in a Traditional IRA because the source funds (401k, existing Traditional IRA) are pre-tax. Choosing the wrong type can trigger a taxable conversion event, so confirm with your tax advisor before checking that box.
• Funding method: rollover, transfer, or new contribution. This field determines which additional forms you’ll need to complete.
• Beneficiary placeholder: many custodian applications include a basic beneficiary field. Most also send a separate, more detailed beneficiary form. Document 2 covers that.

Length: typically 4 to 6 pages. It is the longest single document in the package, mostly because of required legal disclosures and signature blocks.

IRS Publication 590-A governs the rules for IRA contributions and setup. Custodians use IRS-approved account forms that meet the language requirements set out in the tax code. If your custodian’s form looks different from another custodian’s, that is normal. The underlying legal structure is the same.

This form determines who inherits the account if you pass away before it is fully distributed. It is one of the most consequential forms in the package and one of the most commonly left incomplete or outdated.

What it asks for:

• Primary beneficiary: the first in line. This can be a person, a trust, a charity, or your estate. Each choice has different tax treatment for the inheritor; a financial advisor can explain the implications.
• Contingent beneficiary: the backup if the primary beneficiary predeceases you or declines the inheritance. Many people skip this field. Do not skip it.
• Percentage allocation: if you name multiple beneficiaries, you specify how the account splits (for example, 50% to spouse, 25% to each of two children). Shares must total 100%.

Spousal rights: under federal law, your spouse is automatically the primary beneficiary of a 401k. An IRA does not carry the same automatic rule. Naming someone other than your spouse as primary beneficiary typically requires a spousal consent waiver. Some custodians include this waiver within the beneficiary form; others send it separately.

This form supersedes your will. An outdated beneficiary designation can route IRA assets to an ex-spouse or a deceased parent regardless of what your will says. Update it after any major life change.

Length: 1 to 2 pages.

This is the form that moves the money. Its exact name and format depend on your situation, and the distinction between a rollover and a transfer matters practically.

If you are doing a direct transfer (IRA to IRA): your new custodian sends a transfer authorization to your existing IRA custodian, requesting that funds be moved institution-to-institution. You sign to authorize the move. No money touches your hands. No taxes are withheld. No 60-day deadline applies. This is the cleanest path for most people moving an existing IRA into a gold IRA.

If you are rolling over from a 401k or similar employer plan: your plan administrator issues a check. You have 60 calendar days to deposit it into the new IRA. Miss that window and the IRS treats the full amount as a taxable distribution, subject to ordinary income tax and a 10% early withdrawal penalty if you are under 59.5. Your former employer may also withhold 20% for taxes upfront, which means you would need to make up that 20% out of pocket to complete a full rollover. IRS Publication 590-A covers the 60-day rule in full detail. See also our guide on the 60-day rollover rule trap for the common mistakes that trigger this penalty.

What the authorization typically asks for:

• Your account number at the source institution
• The source institution’s name, address, and routing or DTC number
• Amount to transfer (full balance or a specific partial amount)
• Your signature and date

Length: 2 to 3 pages. Some custodians handle this entirely by secure messaging between institutions, reducing what you personally need to sign.

IRS rules require that IRA-owned precious metals be held by a qualified trustee or custodian. You cannot keep them at home or in a personal safe deposit box. IRC Section 408(m) sets this out explicitly, and IRS Publication 590-A confirms it. The “home storage gold IRA” arrangements promoted by some companies have been challenged by the IRS in court and lost. More on that in the FAQ below.

The depository storage agreement is your contract with the facility where your metals physically sit. It covers:

• Storage type: segregated (your metals in a separate, labeled bin with your name on the inventory record) or commingled (your metals pooled with others of the same type and weight, with you holding a proportional claim). Segregated storage costs more but means your specific coins or bars are identifiable. Commingled means you are entitled to equivalent metals, not the exact pieces purchased.
• Annual storage fees: typically a flat fee or a small percentage of account value. Flat fees at major depositories range from $100 to $250 per year. Ask your custodian which depositories they work with and what the fee schedule looks like before you commit.
• Insurance coverage: most IRS-approved depositories carry full-value insurance. The agreement should state the coverage amount and insurer.
• Distribution process: what happens when you want to take a distribution, either in-kind (the actual metals shipped to you) or in cash (metals sold and proceeds wired).

You do not independently select the depository. Your custodian works with a set of approved storage facilities and presents you with options. Read the fee schedule carefully before signing.

Length: 2 to 3 pages.

This document comes after your account is funded, not at opening. Once the rollover or transfer clears, you work with a precious metals dealer to select and purchase the specific products that go into the depository.

The purchase order records:

• Metal type and specific product: for example, American Gold Eagle coins or LBMA-approved gold bars. Only IRS-approved products are eligible. Gold must be at least 99.5% fine, with a statutory exception for American Gold Eagles (91.67% fine but approved by Congress). Silver must be 99.9% fine. Your dealer should provide a full eligibility list.
• Quantity and unit price: the spot price at time of transaction plus the dealer premium. Premiums vary by product, dealer, and market conditions.
• Delivery instructions: metals are shipped directly from the dealer to the IRS-approved depository. They do not pass through your home address.
• Total cost and payment confirmation: funds are drawn from your IRA cash balance, not from your personal bank account.

You sign or confirm this order, often electronically. The dealer ships to the depository, which records the receipt and sends you a holding statement.

Length: 1 to 2 pages, or a digital confirmation screen depending on the dealer’s platform.

Form 5498 is sent to you by your custodian each year, by May 31. You do not file it with your taxes. You do not sign it. Your custodian sends a copy to the IRS on your behalf as a reporting obligation.

It reports:

• Total IRA contributions made during the tax year
• Rollover amounts received into the account
• Fair market value of the account as of December 31
• Whether a Required Minimum Distribution is due (applies after age 73 under current IRS rules)

Form 5498 is the IRS’s mechanism for verifying that your rollover was reported correctly and that annual contribution limits were not exceeded. If your 5498 shows information that looks wrong, such as a rollover amount that does not match what you transferred, contact your custodian immediately. IRS Form 5498 guidance is available at IRS.gov.

Keep every Form 5498 with your tax records indefinitely. It establishes the basis for future distribution and Roth conversion calculations, and it confirms the rollover was properly processed.