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J
joorsb
February 20, 2023
Question

Do we need to report on our taxes that we moved our IRA money from mutual funds to gold in 2022?

  • February 20, 2023
  • 2 replies
  • 0 views
We have simple IRAs

2 replies

leeloo
leeloo
February 20, 2023

No, you do not report anything that happens within the IRA until you take a distribution. 

LindaS5247
LindaS5247
February 21, 2023

As long as the money stays in your IRA, you can move it around tax-free.


If it was a taxable distribution you would receive a Form 1099-R from your Financial Institution.

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N
norse1957
April 9, 2024

Sorry for re-opening a year old post, but my question is closely related to this... What about when you transfer some of of your money (a decent amount) from your 401K to a Gold IRA (traditional)? Are we supposed to put that info in our tax filing? Since it was a transfer, will I pay a tax penalty if it was over the $6500 ?

JohnB5677
JohnB5677
April 9, 2024

Yes, you should put it on your tax return.

No, you should not be taxed on it.

 

You should have gotten a 1099-R from your 401-K account.

It should be posted to your tax return.

 

To Post a 1099-R

Log into TurboTax

  1. Under Federal
  2. Select Wages & Income
  3. Scroll to and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
  4. Now Edit or Add another 1099-R
  5. Enter your Broker or plan administrator information.
  6. Follow the interview.

In the interview the question will be asked

What did you do with the money?

Answer:  I rolled it into another IRA account.

This will insure it is not taxed at this time.

 

@norse1957

Please contact us again with any additional questions or to provide some additional details.

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