Rollover Paperwork and Forms
A rollover into precious metals involves two kinds of paperwork: the forms that move the money (account applications, transfer or distribution requests, purchase directions) and the tax forms that report it afterward, mainly Form 1099-R from the paying plan and Form 5498 from the receiving custodian. Knowing what each one should say helps you catch errors before they turn into tax problems.
Forms That Move the Money
| Form | Who provides it | What it does |
|---|---|---|
| Self-directed IRA application | Receiving custodian | Opens the account; collects identity and contact details |
| Beneficiary designation | Receiving custodian | Names who inherits the account |
| Transfer request | Receiving custodian | Asks your current IRA custodian to send funds directly |
| Distribution election or rollover request | Employer plan | Directs a plan distribution as a direct rollover to the custodian |
| Spousal consent | Employer plan | Required by some plans before a distribution |
| Letter of acceptance | Receiving custodian | Some plans ask the custodian to confirm it will accept the rollover |
| Purchase direction | Receiving custodian | Authorizes the custodian to pay a dealer for specific metals |
Not every move needs every form. An IRA-to-IRA transfer usually needs the application, beneficiary form, transfer request, and purchase direction. A 401(k) rollover adds the plan's election and possibly spousal consent. Our rollover checklist puts them in order.
Form 1099-R: What the Paying Side Reports
When a plan or IRA makes a distribution, including a direct rollover, it reports it on Form 1099-R, generally sent early in the following year. Key boxes:
- Box 1: the gross distribution.
- Box 2a: the taxable amount, which should be zero for a direct rollover of pre-tax money to a traditional IRA.
- Box 4: federal income tax withheld, if any.
- Box 7: the distribution code. Code G generally indicates a direct rollover to an IRA or eligible plan; code H generally indicates a direct rollover from a designated Roth account to a Roth IRA. Other codes, such as those for normal or early distributions, mean the payment was paid to you.
If the code doesn't match what happened, contact the payer for a corrected form before filing. A direct trustee-to-trustee transfer between IRAs generally isn't reported on Form 1099-R at all.
Form 5498: What the Receiving Custodian Reports
The receiving custodian files Form 5498 for each IRA. It reports contributions, rollover contributions, and the account's fair market value at year-end. For a metals IRA, that value reflects the custodian's valuation of your coins and bars. Because IRA contributions for a year can be made up to the tax-filing deadline, Form 5498 is typically issued after tax season, so you generally file your return without it. Many custodians send a separate year-end value statement earlier.
For more on how custodians value metals, see gold IRA statements and valuation.
How a Rollover Shows on Your Tax Return
A rollover from an employer plan or an indirect IRA rollover is reported on Form 1040 even though it isn't taxed. In general terms, you enter the gross distribution on the appropriate line (IRA distributions or pensions and annuities), enter the taxable portion as zero or the amount not rolled over, and note "Rollover" as the instructions direct. Any withholding from Box 4 is claimed as a payment. The IRS explains the treatment in Publication 590-A. Tax software usually asks whether you rolled the money over.
If you have basis from nondeductible IRA contributions or did a Roth conversion, Form 8606 may also be required.
Records Worth Keeping
- Copies of every request and election you signed, with dates.
- Check copies or wire confirmations.
- Metals purchase confirmations showing product, quantity, and price.
- Custodian statements showing depository holdings.
- Forms 1099-R, 5498, and 8606 for each year.
These records help if a form is wrong, if the IRS asks about a rollover, or when beneficiaries need to understand the account. Our guide to record keeping for precious metals covers non-IRA holdings too.
Common Paperwork Errors
- Name or account number mismatches that delay a transfer.
- A check made payable to you instead of the custodian; see common rollover mistakes.
- A 1099-R coded as a normal distribution when you elected a direct rollover.
- Missing beneficiary designations on the new account.
Paperwork With Goldco
Goldco, a precious metals company, says it works with all major self-directed IRA custodians, and its FAQ references Equity Trust statements. Custodians issue the account forms and tax reporting; Goldco's precious metals specialists can help customers understand the paperwork but are not licensed to give tax advice. See the Goldco account setup checklist.
Frequently Asked Questions
Will I get a 1099-R for a transfer into a gold account?
Generally not for a direct IRA-to-IRA transfer. You will for a rollover from an employer plan, coded as a direct rollover.
Why haven't I received Form 5498 yet?
It's typically issued after the tax-filing season. You can file your return without it.
Who values the metal on Form 5498?
The custodian, using its valuation method for the coins and bars it holds for you.