Learn about taking an in-kind distribution from your account at Texas Precious Metals Depository, what to expect from personal storage or shipping, and tax reporting.
Once STRATA has received and reviewed your IRA Distribution Request - Precious Metals form, STRATA will reach out to you directly to verify your contact information of record and to collect the In-Kind Processing fee (see STRATA's IRA Fee Schedule). STRATA will then comply with your request by sharing the details of your distribution instructions with the depository.
- Personal Account Storage - If you have elected to have your metals stored in a personal account, the depository will move your metals accordingly which can take up to 5 days to process.
- Precious Metals Shipping - If you have elected to receive your metals, Texas Precious Metals Depository will prepare your shipment, calculate shipping fees, and contact you by the phone number of record within 2-3 business days to collect the shipping fee by credit card. Once Texas Precious Metals Depository creates the label, you will receive an email from UPS regarding your shipment that is in process. Upon the arrival of your package, it is important to note that a signature will be required. Please be prepared to sign for your shipment to ensure its safe delivery.
Tax Reporting
By January 31st of the following year, STRATA will send you a 1099-R for any precious metals that were distributed from your IRA storage account and either placed in your personal storage account or shipped directly to you. The value reported on the 1099-R will be based on the value of the distribution at the time it was processed by Texas Precious Metals Depository.
Questions
If you have any questions or concerns regarding your package after you receive your email from UPS, please reach out to Texas Precious Metals Depository at TexasDepository.com or 302-765-3889.