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Roth IRA rollover to precious metals

Rolled over our Roth IRA in 2024 and our 1099-R was indicated in 2b that Taxable amount not determined.  Distribution in section 7 is J.  We received no funds and everything was sent directly to precious metal IRA account.  They are indicating that we owe taxes on this but can't find where this is reported.

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2 Replies
MindyB
Expert Alumni

Roth IRA rollover to precious metals

Here are the steps to indicate the rollover in TurboTax Online:

 

  • Navigate to Federal > Wages & Income > IRA, 401(k), Pension Plan Withdrawals (1099-R) Add/Edit
  • Enter the information from the 1099-R, continue through the interview questions.
  • You will come to a screen that says "Tell us if you moved the money through a rollover or conversion." Select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  • On the next screen, indicate you rolled over the entire amount to another retirement account.

 

Roth IRA rollover to precious metals

That's what I did the 1st time.  Scrapped it all and restarted and still getting that we owe taxes on a complete rollover.  Might have to look at H&R Block.

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