My mom took some of her retirement money and rolled it into gold. How do we show that so shes not taxed on the wothdrawl?

Forum|Forum|2 years ago
September 24, 2023
4 replies
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withdrawl

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DoninGA

Level 15

What type of retirement money? Was the withdrawal from a tax deferred retirement account, such as a 401(k) or an IRA? Or was this from a employer pension?

Was this a trustee-to-trustee transfer, directly from one tax deferred account to another tax deferred account? Or did she withdrawn the funds and then rolled this over amount to another tax deferred retirement account within 60 days of the withdrawal?

glnoblesAuthor

Level 2

A 401k and Roth 401k that were rolled over to at traditional IRA & Roth IRA with Gold Star

DoninGA

Level 15

@glnobles In January 2024 she will receive a Form 1099-R that will show the amount withdrawn and in box 7 of the form should be a code of G that indicates the amount withdrawn was rolled over to another retirement account.

The amount withdrawn will not be taxable on her 2023 tax return since it was rolled over to another tax deferred retirement account.