topic Re: gold IRA in Retirement tax questions

gold IRA

vor17tex — Sun, 23 Feb 2025 22:52:23 GMT

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?

Re: gold IRA

SabrinaD2 — Sun, 23 Feb 2025 23:29:29 GMT

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

Re: gold IRA

vor17tex — Sun, 23 Feb 2025 23:32:46 GMT

thank you Sabrina.

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

Re: gold IRA

dmertz — Mon, 24 Feb 2025 00:00:34 GMT

"For a direct rollover from a traditional IRA to a qualified gold IRA, you should not receive a Form 1099-R"

This would be a trustee-to-trustee transfer, not a direct rollover. The term "direct rollover" only refers to the movement of funds to or from an employer plan like a 401(k), not to the movement of funds between IRAs. A trustee-to-trustee transfer of an IRA is neither a distribution nor a rollover and is nonreportable.