Platinum IRA: Rules and Eligible Products

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What a platinum IRA is under federal law

A platinum IRA is not a special product sold by a bank. It is a self-directed IRA that holds physical platinum bullion in place of stocks, bonds, or mutual funds. The account wrapper sits under IRC Section 408, the same section that governs any traditional or Roth IRA.

The rule that lets platinum enter the account is IRC Section 408(m)(3). Collectibles are prohibited inside an IRA under 408(m)(2), but a numeric carve-out exempts bullion coins and bars that meet a purity floor. For platinum, that floor is 99.95 percent pure.

Two structural rules also apply. A self-directed IRA custodian must own the metal on your behalf; that entity must be a bank or an IRS-approved non-bank trustee. And the physical platinum must sit at an IRS-approved depository, never at your home. Home storage triggered a full taxable distribution in the 2021 US Tax Court decision McNulty v. Commissioner.

Federal contribution limits and required minimum distribution rules apply identically to a platinum IRA. For 2026, the combined limit is 7,500 dollars per person, plus a 1,100 dollar catch-up at age 50 or older, per IRS Publication 590-A. RMDs begin at age 73 for those born from 1951 to 1959, and at age 75 for those born from 1960 onward under SECURE 2.0.

Which platinum coins are IRA-eligible

The federal rule is uniform across all fifty states. Texas adds no state layer to platinum eligibility. A coin either clears the 99.95 percent fineness floor, is named in the statute, or it stays out of the account.

The American Platinum Eagle is the clearest case. The US Mint has struck it in 99.95 percent purity every year since 1997, and it is a platinum coin described in section 5112(k) of title 31 of the US Code, the reference IRC 408(m)(3)(A)(iii) uses to admit platinum coins. Proof American Platinum Eagles are also eligible when kept in the original US Mint packaging with the certificate of authenticity.

Several foreign sovereign coins clear the general 99.95 percent rule without a named statutory exception. The chart below places them against the 99.95 percent line.

A note on the Isle of Man Noble deserves care. Pobjoy Mint struck the Noble in 99.95 percent platinum for years and it remains a recognized IRA-eligible coin on custodian product lists. Confirm current availability with your custodian and dealer, since production programs shift over time.

Platinum bars: fineness and refiner accreditation

Platinum bars enter the account through the same 99.95 percent floor, plus one additional check. The bar must come from a refiner or assayer that is COMEX or NYMEX-approved, LBMA-accredited, or a recognized national mint. The stamp on the bar must show the refiner, the weight, and the fineness.

Common IRA-eligible platinum bar sizes are 1 gram, 5 gram, 10 gram, 1 troy ounce, 10 troy ounce, and 1 kilogram. Most Texas retirees choose 1 troy ounce or 10 troy ounce bars for a balance of divisibility and lower per-unit assay overhead.

Any platinum bar sold as investment grade is not automatically IRA-eligible. Before buying, verify the refiner is on the LBMA good delivery list or on the CME accepted brands list. Ask the dealer for a scan of the assay card or the mint certificate. If either is missing, the custodian may refuse the transaction on receipt at the depository.

The Texas layer: no state income tax

Article 8, Section 24 of the Texas Constitution prohibits a state personal income tax. Voters strengthened this rule in 2019 by passing Proposition 4, which set a two-thirds legislative supermajority to repeal it. For a platinum IRA, the constitutional rule changes how three federal events land at year end.

Required minimum distributions

A required minimum distribution from a traditional platinum IRA is taxed at your federal ordinary income rate for the year. In a state such as New York with high graduated brackets, the same RMD stacks a full state income tax layer on top of the federal amount. In Texas, that state layer is zero, so the federal figure is the total tax owed.

Roth conversions

Converting platinum held in a traditional IRA into a Roth IRA is a taxable federal event in the conversion year. Texas adds no state tax on top of the federal bill. Retirees who plan a multi-year conversion ladder often price the Texas residency against a former high-tax state for this exact reason.

Early withdrawals before age 59 and a half

An early withdrawal from a traditional platinum IRA before age 59 and a half generally triggers a 10 percent federal penalty on top of ordinary federal income tax. Texas adds nothing to the penalty side. Federal exceptions still apply, including first home up to 10,000 dollars, qualified higher education, disability, and substantially equal periodic payments under IRC 72(t).

Sales tax on personal platinum purchases

Texas exempts most precious metals purchases from state sales tax at the point of retail sale. That exemption matters for personal cash purchases held outside a retirement account. It does not apply to the IRA transaction itself, which the custodian runs and ships straight to the depository. Useful Texas context, not a platinum IRA rule.

Storage: Texas Bullion Depository and private depositories

Every platinum IRA needs storage at an IRS-approved facility. Home storage is not allowed. The 2021 US Tax Court decision in McNulty v. Commissioner treated home-stored IRA metal as a full taxable distribution, and hit the account owner with the 10 percent early-withdrawal penalty on top. A Texas resident has several storage lanes; one is unique to the state.

Texas Bullion Depository through Lone Star Tangible Assets

The Texas Bullion Depository is an agency of the State of Texas, created by House Bill 483 of the 84th Legislature and signed by Governor Greg Abbott on June 12, 2015. Operations began in 2017 at a purpose-built campus in Leander, north of Austin, on roughly ten acres.

The depository holds IRA metal through its operator Lone Star Tangible Assets LP. The IRS requires IRA property to sit with a bank or an IRS-approved non-bank trustee, and Lone Star Tangible Assets received IRS non-bank trustee approval in 2023. That approval opened the state depository to IRA platinum, alongside gold, silver, and palladium.

Storage at the state depository is segregated by default, meaning the exact bars and coins deposited are the same units returned on distribution. Assets are insured through Lloyd’s of London against theft, fire, flood, and natural disaster, with daily market value updates. The vault carries a Class 3 rating and uses biometric access with on-site security personnel, per the depository’s IRA Storage Services page.

Equity Trust Company was the first self-directed IRA custodian to work with the state depository under the non-bank trustee framework. A Texas resident who wants state-run storage typically opens the self-directed IRA at Equity Trust, chooses a dealer that partners with Equity Trust, and coordinates delivery to Leander. Ask for the written fee schedule among the custodian, the dealer, and the depository contractor before signing.

Private IRS-approved depositories

Platinum IRA metal can also sit at private IRS-approved depositories outside Texas. Delaware Depository in Wilmington and International Depository Services in New Castle both accept IRA platinum. In-state private options include the Texas Precious Metals Depository in Shiner, southeast of San Antonio, which offers segregated storage with third-party audits.

The choice between the state depository and a private one is philosophical as much as practical. The Texas Bullion Depository is state-audited and state-run through a private operator. A private depository is federally regulated and third-party audited. Both are IRS-approved when the paperwork is set up correctly.

Worked example: a 60-year-old Dallas retiree

How to open a platinum IRA in Texas

The five steps below apply to any Texas resident opening a platinum IRA. They match the process a custodian and a dealer will actually run. Confirm the current details with each party in writing before you fund the account.

1. Choose a self-directed IRA custodian. The custodian must be a bank or an IRS-approved non-bank trustee. For state-run storage at the Texas Bullion Depository, Equity Trust Company was the first custodian to work with the depository under the non-bank trustee framework.
2. Fund the account. Options are a direct trustee-to-trustee transfer from another IRA, a direct rollover from a 401(k) or similar employer plan, or a new contribution up to the 2026 limit of 7,500 dollars plus 1,100 dollars catch-up at age 50 or older.
3. Choose IRA-eligible platinum products with your dealer. Common picks are American Platinum Eagles by statute, Canadian Maple Leafs at 99.95 percent, and generic 1 or 10 troy ounce bars from an LBMA-accredited or COMEX-approved refiner. Ask for the spot reference and the total invoice on every order.
4. Confirm the paperwork before purchase. The custodian needs product identification, the fineness stamp, and the refiner or mint name for each item. A coin or bar that fails any of these checks can be refused on receipt at the depository.
5. Ship the metal to an IRS-approved depository. For a Texas resident who wants in-state state-run storage, the destination is the Texas Bullion Depository in Leander through Lone Star Tangible Assets. Private IRS-approved depositories in Delaware, Utah, and Texas are alternatives.

Estimate the fee drag on a Texas platinum IRA

Platinum trades in a smaller market than gold and often carries wider dealer bid-ask spreads. Storage schedules also vary widely by depository tier. Run the calculator once for your platinum position using the written schedule you received from your custodian and depository.

When a platinum IRA is a bad idea in Texas

Frequently asked questions

By the Harry’s Coins Editorial team. Last reviewed June 2026.