Gold held in IRA by trustee, then sent to owner location

Discussion in 'General Precious Metals Discussion' started by prwiik, Feb 23, 2020.

  1. prwiik

    prwiik New Member

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    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
     
  2. Ian Gillman

    Ian Gillman Active Member

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    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.
     
  3. prwiik

    prwiik New Member

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    Thanks Ian! It is a Roth and I will seek professional advice.
     

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