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Level 2

Question

gold IRA

3 replies
28 views

im considering partial rolling over of my trad iRA to a gold iRA. I intend to distribute the gold in 1 year to avoid storage fees.

Will I get a 1099 then or other form? what value of distribution will be stated?

Alumni - Expert

Alumni - Expert

For a direct rollover from a traditional IRA to a qualified gold IRA, you should not receive a Form 1099-R, as it is a non-taxable event. However, if you take a distribution from the gold IRA within a year, you will receive a Form 1099-R for that distribution. The form will report the fair market value (FMV) of the gold at the time of distribution.

For more detailed information, you can refer to this resource:

IRS: About Form 1099-R

Level 2

thank you Sabrina.

my 1099R will report the FMV in box1? will I also need to file the form 5498?