SAM TOBIAS

SAM TOBIAS

How does a person buy bitcoin from 401K without incurring tax penalties.

BAM

If you’re considering purchasing Bitcoin within an IRA, Bam suggests two reputable Bitcoin-only platforms: Swan Bitcoin and Unchained Capital. Both platforms specialize in providing IRA products that Bam uses for various Bitcoin-related services. 

However, conducting thorough research and evaluation is crucial to determine if either of these companies aligns with your specific IRA requirements. Before deciding, it’s essential to consider their offerings, fees, security measures, customer support, and other relevant aspects. These factors will help you choose the best platform for your needs and preferences.

To address your Bitcoin IRA tax penalty question. There would be no tax penalties in the following circumstances:

  1. Transfer funds from your existing Traditional, Roth, SEP, or SIMPLE IRA into your Bitcoin IRA. These transfers are like-for-like, meaning no penalties or taxes apply.
  2. Initiate a rollover from an old 401(k) or 403(b) into your Bitcoin IRA without incurring taxes or penalties.
  3. Contribute to your Bitcoin IRA via direct deposit or push ACH.

Bam recommends two Bitcoin services companies that offer Bitcoin IRA’s. 

-SWAN BITCOIN provides a team of dedicated Bitcoin experts who will support you throughout your journey. If you plan to create a Swan Bitcoin IRA and transfer or roll over more than $50,000, one of the Swan Private experts will personally assist you through each step of the process and provide ongoing guidance.

Swan prioritizes the custody of your Bitcoin. Your assets are held with a qualified custodian in a segregated legal trust account under your name as the beneficial owner.

For more information or to contact the Swan team, you can visit their website: https://www.swanbitcoin.com/bitcoin-ira/

-UNCHAINED CAPITAL offers an All-In-One Bitcoin IRA solution. They help you set up your new IRA, fund it with a rollover or contribution, set up your vault, purchase Bitcoin, and put the keys to your funds in your hand. They’re with you every step of the way.

Unchained has these resources to guide you through their IRA product:

The Ultimate Guide to Bitcoin IRAs:

https://unchained.com/blog/ultimate-guide-bitcoin-ira/

Unchained IRA Youtube video: (in-depth)

https://www.youtube.com/watch?v=ONhIcJAq0Y8

Set up a Consultation with the Unchained Concierge team:

https://unchained.com/ira-consultation

*Please note that consulting with a financial advisor or tax professional is essential to understand the latest regulations and any potential changes regarding Bitcoin IRAs.

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