In 2014, I rolled over an IRA mutual fund into a gold IRA. The gold was physically help by a trustee. I am now over 59 1/2, so this past year I had the trustee send the gold for me to hold. I received a 1099-R showing a dollar amount in Box 1 (Gross Distribution) and nothing in Box 2a (Taxable amount). I did not liquidate the gold. Is this a taxable event? How do I enter my 1099-R? Thanks
First of all, consult a tax professional for the final answer. Do you know if you had a Roth or Regular IRA? If it is a Roth then you have already paid taxes on it and so the distributions are tax free. Also, it may not be classed as a distribution until you cash it out. Once again, if it was a Roth IRA then there are no taxes to pay. You really should consult a tax professional as well.
