Roth IRA rollover to precious metals

Forum|Forum|1 year ago
April 5, 2025
1 reply
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Rolled over our Roth IRA in 2024 and our 1099-R was indicated in 2b that Taxable amount not determined. Distribution in section 7 is J. We received no funds and everything was sent directly to precious metal IRA account. They are indicating that we owe taxes on this but can't find where this is reported.

TurboTax PLUS Online

MindyB

Here are the steps to indicate the rollover in TurboTax Online:

Navigate to Federal > Wages & Income > IRA, 401(k), Pension Plan Withdrawals (1099-R) Add/Edit
Enter the information from the 1099-R, continue through the interview questions.
You will come to a screen that says "Tell us if you moved the money through a rollover or conversion." Select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
On the next screen, indicate you rolled over the entire amount to another retirement account.

mattk737NMAuthor

That's what I did the 1st time. Scrapped it all and restarted and still getting that we owe taxes on a complete rollover. Might have to look at H&R Block.