Frequently Asked Questions

Q:What is an ITIN and what is it used for?

An ITIN (Individual Taxpayer Identification Number) is an IRS-issued number for filing federal taxes. It does not authorize employment or change immigration status. It allows you to meet tax obligations and, in some cases, open bank accounts or contribute to an IRA.

Q:Can I have an IRA with an ITIN?

In many cases yes, if you have U.S. work income. Consult with a tax professional to confirm your specific eligibility.

Q:What is the difference between a Traditional IRA and a Roth IRA?

A Traditional IRA offers a tax deduction when contributing, but you pay taxes when withdrawing. A Roth IRA does not offer a deduction, but qualified withdrawals are tax-free.

Q:What is a 401(k) rollover?

It is moving funds from a 401(k) to an IRA without paying taxes. A direct transfer is the safest option because the money never passes through your hands.

Q:What happens to my 401(k) if I change jobs?

You have options: leave it in the current plan, transfer it to an IRA, move it to your new employer's plan, or withdraw it (not recommended due to penalties).

Q:How do I designate beneficiaries on my retirement account?

Contact your account provider and request a beneficiary designation form. Review it regularly, especially after events like marriage, divorce, or the birth of children.

Q:What is an inherited IRA and how does it work?

When you inherit an IRA, the withdrawal rules depend on your relationship to the deceased and the type of IRA. Most beneficiaries must distribute the entire account within 10 years. Consult with a tax professional.

Q:Is there a penalty for withdrawing money from my IRA before age 59½?

Generally yes: a 10% penalty in addition to taxes on the amount withdrawn. There are limited exceptions (first home purchase, medical expenses, education).

Q:What questions should I ask before buying gold?

Ask about the spot price, the premium, the buy-sell spread, purity, storage, and the repurchase policy. A legitimate seller will answer everything clearly.

Q:Can I hold physical gold in my IRA?

Yes, through a self-directed IRA. The IRS requires specific purity and storage at an approved depository. You cannot keep it at home.

Q:What is a fiduciary and why does it matter?

A fiduciary has a legal obligation to act in your best interest. Always ask whether the person you are speaking with acts as a fiduciary before following their recommendations.

Q:Are consultations with Borger Capital Group in person or via Zoom?

We offer both in-person and Zoom consultations to accommodate families in any state. Contact us to schedule the format you prefer.

Q:Does Borger Capital Group offer services in other states?

Service availability depends on the client's location, individual circumstances, and licensing requirements. Contact us to confirm which services are available in your state.

Q:Do I need a Social Security number to receive financial education?

No. Financial education is available to everyone, including people with an ITIN.

Q:What is a living trust and how is it different from a will?

A living trust transfers assets to a trust while you are alive and avoids probate. A will specifies how to distribute assets after death but goes through probate.

Q:What is a power of attorney?

It is a document that authorizes another person to act on your behalf in financial or health matters if you cannot do so. There are different types; consult with an attorney.

Q:How do I organize my financial documents?

Keep identification, account statements, retirement documents, insurance, legal documents, and debts in a safe and organized place. Review them at least once a year.

Q:What happens to my accounts if I die without a will?

Your assets are distributed according to your state's intestacy laws, which may not match your wishes. Accounts with designated beneficiaries pass directly to the beneficiary.

Q:Can I have assets in two countries?

Yes, but it requires additional planning. Assets in another country may not automatically pass to a U.S. trust. Consult with an attorney who understands international planning.

Q:How do I avoid precious metals fraud?

Buy only from established sellers, compare prices with the spot price, be wary of offers that seem too good, and always request a detailed receipt with purity and weight.

Q:What is the spot price of gold?

It is the current price of gold on the international market. The price you pay when buying includes a premium over the spot price.

Q:When should I consult an attorney for estate planning?

When you have real estate, minor children, a business, or wish to avoid probate. Also if you have assets in another country or a complex family situation.

Q:What is a direct transfer vs. a 60-day rollover?

A direct transfer moves money directly between accounts without you touching it. A 60-day rollover gives you the check and you have 60 days to deposit it. Whenever possible, choose a direct transfer.

Q:Does Borger Capital Group sell investment products?

We focus on financial education. If you need specialized services, we guide you on how to find appropriately licensed professionals. We never pressure you to buy.

Q:How do I evaluate whether a financial professional is trustworthy?

Verify their license, ask if they act as a fiduciary, seek references, check for recorded complaints, and be wary of promises of guaranteed returns.

The information provided on this website is for general educational purposes only. It is not individualized investment, legal, tax, accounting, or immigration advice and should not be considered a recommendation to purchase or sell any product. The availability of services depends on the client's location, individual circumstances, applicable licensing requirements, and the professionals involved. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. Consult appropriately licensed financial, legal, and tax professionals before acting on information presented here.