delayed reporting of Self Directed gold IRA dispursement

Jeanne
Jeanne Member Posts: 3 Newcomer
edited December 2024 in Filing my taxes

I had a self directed IRA for my gold. The financial institution holding it dispursed it to me personally in 2023. What do I have to do to avoid penalties

Tagged:
· Share on Twitter

Answers

  • DennisR
    DennisR FreeTaxUSA Agent Posts: 17

    Any penalties associated with an IRA distribution will depend on several different factors including age, the type of distribution, the type of IRA, the amount disbursed, if any amounts were moved into a new IRA or like account, and so on.

    You may need to reach out to your plan administrator for any details on the distribution. Most of the information you will need on the distribution will be reported to you on a Form 1099-R.

    Whether the distribution is taxable will depend on whether it was a pre-Tax IRA (traditional) or a post-tax IRA (Roth). If your funds were pre-tax going into the IRA, the distribution is likely taxable. If the funds were post-tax going into the account, the distribution is likely nontaxable.

    · Share on Twitter

Categories