Gold IRA Tax Forms: 5498 and 1099-R

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Short on time? The essentials

• Form 5498 (IRA Contribution Information) is filed by the IRA trustee or custodian by May 31 of the year after the tax year. For 2026 activity, the deadline is May 31, 2027.
• Form 5498 reports contributions in Box 1, rollover contributions in Box 2, a Roth IRA conversion in Box 3, and the December 31 fair market value of the account in Box 5.
• Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) reports distributions. It goes to the recipient by January 31 and to the IRS by February 28 on paper or March 31 electronically.
• For tax year 2026, IRS renumbered Form 1099-R Box 7 into Box 7a (Distribution Code), Box 7b (IRA/SEP/SIMPLE checkbox), Box 7c (Trump account checkbox), and Box 7d (Earnings on excess contributions).
• Box 7a distribution codes drive the tax outcome. Code 1 is an early distribution with no known exception; Code 2 is early with a known exception; Code 7 is a normal distribution at age 59 and a half or older; Code G is a direct rollover.
• A direct rollover generates a 1099-R with Code G (taxable amount 0) from the sending custodian AND a 5498 with the rollover amount in Box 2 from the receiving custodian. Both forms should tie back to the same dollar amount.
• Texas layer: none. Texas has no state form matching either 5498 or 1099-R, and no state income tax on IRA activity. Federal Form 1040, and Form 5329 if the 10 percent additional tax applies, are the only returns to file.

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On this page

• What Form 5498 and Form 1099-R are, in one paragraph each
• Form 5498, box by box for a gold IRA
• Form 1099-R, box by box for a gold IRA
• Box 7a distribution codes, with the ones you are most likely to see
• Which form each gold IRA event triggers
• Filing deadlines and the tax-year calendar
• Fair market value: Box 5 and the specified-asset codes in Box 15
• How a rollover shows on both forms
• Withholding on a 1099-R and Form W-4R
• Form 5329 and Form 8606, the two returns the 1099-R can trigger
• How to reconcile your 1099-R and 5498 at tax time
• Estimate the RMD your custodian will list in Box 12b
• The Texas layer: zero state form, zero state tax
• Worked example: a San Antonio owner at age 74
• When these forms mislead a gold IRA owner
• Frequently asked questions

What Form 5498 and Form 1099-R are, in one paragraph each

Form 5498, IRA Contribution Information, is an information return the IRA trustee or custodian files with the IRS and sends to the account owner. It captures money coming into the IRA (contributions, rollovers received, Roth conversions received) and the year-end fair market value. Form 5498 is informational, and it does not by itself produce a tax bill.

Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., reports money leaving the IRA. The custodian files it with the IRS and sends a copy to the owner. The taxable amount on the 1099-R flows onto Form 1040 and, when relevant, onto Form 5329 for the 10 percent additional tax or onto Form 8606 for basis and Roth conversion tracking.

For a gold IRA, both forms follow the same framework as a cash or securities IRA. What differs is only the underlying asset (physical bullion held at an IRS-approved depository) and, in some cases, how the custodian reports the fair market value at year-end.

Form 5498, box by box for a gold IRA

The 2026 Form 5498 keeps its familiar structure for a self-directed precious-metals IRA. The boxes below are the ones a gold IRA owner is most likely to see filled in.

Box 1, IRA Contributions. Direct traditional IRA contributions the owner made for the tax year, excluding amounts already reported in Boxes 2 through 4 and Boxes 8 through 10. For a gold IRA funded only by rollover, Box 1 is often 0. The 2026 IRA contribution limit is 7,500 dollars, with an additional 1,100 dollar catch-up allowed at age 50 or older, across all of the owner's IRAs combined.

Box 2, Rollover Contributions. Any rollover the receiving custodian accepted during the year. A direct rollover from a 401(k), 403(b), or governmental 457(b) into the gold IRA lands here. An indirect rollover the owner completed within 60 days also lands here.

Box 3, Roth IRA Conversion Amount. The dollar amount of a traditional IRA converted to a Roth IRA at this custodian during the year. Box 3 is a Roth conversion signal; the matching 1099-R at the source shows the conversion as a distribution.

Box 4, Recharacterized Contributions. The amount of any contribution recharacterized between traditional and Roth. Since 2018, conversions cannot be recharacterized; Box 4 covers only original contribution recharacterizations.

Box 5, Fair Market Value of Account. The account's fair market value on December 31 of the reporting year. For a gold IRA, this is the custodian's stated value of the physical bullion plus any cash, as of year-end. The FMV drives the RMD calculation for the following year.

Box 7, Checkboxes. The account type: IRA, SEP, SIMPLE, Roth IRA, Roth SEP IRA, or Roth SIMPLE IRA. A traditional gold IRA has the "IRA" box checked; a Roth gold IRA has the "Roth IRA" box checked.

Box 8, SEP Contributions. Employer SEP contributions for the year, if the account is a SEP IRA (including a self-employed owner contributing as their own employer).

Box 9, SIMPLE Contributions. Employer SIMPLE contributions, if the account is a SIMPLE IRA.

Box 10, Roth IRA Contributions. Direct contributions to a Roth IRA (not conversions). A Roth gold IRA funded by direct contribution shows the annual contribution here.

Box 11, Check If RMD for the Following Year. Checked when an RMD is required from this account for the year AFTER the reporting year. On the 2026 Form 5498, Box 11 signals whether an RMD is required for 2027.

Box 12a, RMD Date; Box 12b, RMD Amount. When Box 11 is checked, Box 12a shows the RMD deadline. That deadline is usually April 1 for the first RMD, then December 31 in later years. Box 12b shows the dollar amount, computed with the IRS Uniform Lifetime Table in Publication 590-B Appendix B.

Box 13a, Postponed or Late Contributions; Box 13b, Year; Box 13c, Code. Contributions posted after the normal deadline under postponed-contribution rules (disaster relief, combat zone, and so on).

Box 14a, Repayments; Box 14b, Code. Repayments of qualified reservist, disaster, birth or adoption, emergency, domestic-abuse-victim, terminally-ill, or (as of 2026) qualified first-time home purchase (code HP) distributions.

Box 15a, Fair Market Value of Certain Specified Assets; Box 15b, Code(s). Custodians report the FMV of assets held in the IRA that fall into one of the specified categories. Box 15b uses letter codes.

• A: stock not readily tradable.
• B: private debt.
• C: LLC interests.
• D: real estate.
• E: partnership interests.
• F: options not on an established exchange.
• G: any other asset without a readily available FMV.
• H: more than two categories are held.

Practice on physical bullion varies. Some custodians treat spot-priced bullion as having a readily available FMV. They then leave Box 15a blank. Others report the bullion value in Box 15a with Code G. Check your custodian's approach on your own form.

Form 1099-R, box by box for a gold IRA

Form 1099-R is the distribution side of the picture. IRS renumbered several boxes for tax year 2026; the changes matter mainly for the Box 7 area.

Box 1, Gross Distribution. The total gross amount distributed from the account during the year. For a cash distribution, this is the dollars withdrawn. For an in-kind distribution of physical bullion, this is the fair market value of the metal on the distribution date.

Box 2a, Taxable Amount. The portion of Box 1 that is federal taxable income. For a traditional gold IRA with no basis, Box 2a equals Box 1. For a direct rollover (Code G in Box 7a), Box 2a is 0. For a Roth qualified distribution, Box 2a is 0.

Box 2b, Taxable Amount Not Determined and Total Distribution. Two checkboxes. "Taxable amount not determined" is often checked when the custodian cannot verify basis (common on Roth IRAs). "Total distribution" is checked when the distribution empties the account.

Box 4, Federal Income Tax Withheld. Any federal income tax the custodian withheld from the distribution. The default federal withholding on an IRA nonperiodic distribution is 10 percent unless the owner elects a different amount on Form W-4R or opts out.

Box 5, Employee Contributions or Designated Roth Contributions. The basis portion of the distribution, when applicable. Most traditional gold IRAs have no basis; this box is usually 0.

Box 7a, Distribution Code. One or two letter or number codes that classify the event. This is the single most important box on the form because it steers the federal tax outcome and downstream forms.

Box 7b, IRA/SEP/SIMPLE Checkbox. Checked for a distribution from a traditional IRA, SEP IRA, or SIMPLE IRA (not for a Roth IRA distribution).

Box 7c, Trump Account Checkbox. New for 2026 under the SECURE-related legislation package. Not applicable to a standard gold IRA.

Box 7d, Earnings on Excess Contributions. New for 2026. Reports earnings attributable to an excess contribution distribution.

Box 12 through 15, State Boxes. State tax withheld, state name, state distribution amount, local tax withheld. For a Texas resident, these boxes are blank or show "TX" with 0 dollars. Texas has no state personal income tax and no state IRA return.

Box 7a distribution codes, with the ones you are most likely to see

The IRS 2026 Instructions for Forms 1099-R and 5498 list every code. A gold IRA owner typically sees a short subset of them.

Which form each gold IRA event triggers

Most gold IRA events produce either a Form 5498, a Form 1099-R, or both. The table below maps the common events for a Texas resident to the forms the custodian will file.

Filing deadlines and the tax-year calendar

The two forms sit on very different calendars. The 1099-R lands early in the following year, so it can be filed with the personal return. The 5498 lands months later, because contributions can be made up to the April tax deadline and the FMV covers the full prior calendar year.

A practical consequence: at tax time in early spring, the owner has the 1099-R in hand but not yet the 5498. If a Box 2 rollover figure or a Box 3 conversion figure is disputed later, the reconciliation happens against a 5498 that arrives after the return is filed. Keep the confirmation letters and account statements the custodian sent during the year.

Fair market value: Box 5 and the specified-asset codes in Box 15

For a gold IRA, the year-end fair market value in Box 5 is the number that drives next year's RMD and, indirectly, the taxable amount on any percentage-based distribution. Two custodial practices are common.

Practice one: value the bullion at the spot price on December 31, subtract any custodian fees pending, add cash, and report the sum in Box 5. Under this approach, custodians often leave Box 15a blank on the theory that spot-priced bullion has a readily available FMV.

Practice two: report the bullion value in Box 5 AND repeat the metal value in Box 15a with Code G (other asset that does not have a readily available FMV). Custodians who take this view treat physical bullion in a depository as illiquid enough to qualify as a "specified asset" for Box 15 reporting.

The 2026 IRS instructions define Box 15b Code G as "other asset that does not have a readily available FMV" and Code H as "more than two types of assets (listed in A through G) are held in this IRA." Neither the Instructions for Forms 1099-R and 5498 nor Publication 590-A single out precious-metals bullion for a specific code. Practice varies by custodian; the number the IRS uses for the RMD comes from Box 5, not Box 15.

How a rollover shows on both forms

A rollover into a gold IRA touches both forms and both custodians. Understanding which form carries which number keeps the paperwork from looking double-counted.

For a direct rollover, the sending plan or IRA files a Form 1099-R with Box 1 equal to the gross amount moved, Box 2a taxable amount 0, and Box 7a Code G. The receiving gold IRA custodian files a Form 5498 with the same amount in Box 2 (Rollover Contributions). The dollar amount should tie. On the owner's federal return, the 1099-R goes on Form 1040 with a "Rollover" notation and a taxable amount of 0.

For an indirect rollover, the sending plan files a Form 1099-R with the distribution in Box 1. For a non-IRA source, Box 4 also shows 20 percent mandatory federal withholding. The owner then has 60 days to deposit the amount into the receiving IRA.

The receiving custodian's Form 5498 shows the deposited amount in Box 2. The owner must report the 1099-R on Form 1040. The owner then reports the amount rolled over. The taxable portion drops to whatever was not rolled. Any amount not rolled within 60 days is taxable federally. If the owner is under 59 and a half, that unrolled slice may also carry the 10 percent additional tax.

Withholding on a 1099-R and Form W-4R

Federal withholding rules on IRA distributions live in IRC 3405 and are implemented on Form W-4R (Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions). Two default rules apply.

Nonperiodic distributions from an IRA are subject to a default 10 percent federal withholding rate. The owner can elect a higher percentage on Form W-4R or opt out by electing 0 percent, unless the distribution is an eligible rollover distribution (which is rare for direct IRA-to-IRA transfers).

For a direct rollover of an employer plan (401(k), 403(b), or 457(b)) to a gold IRA, no withholding applies because the money never touches the owner. For an indirect (60-day) rollover from an employer plan, the plan must withhold 20 percent federally.

Texas has no state withholding on IRA distributions. State boxes on the 1099-R (Boxes 14 through 17) are blank or show "TX" and 0 for a Texas resident.

Form 5329 and Form 8606, the two returns the 1099-R can trigger

Two federal forms are often triggered by a gold IRA 1099-R and are the source of most tax-prep questions from owners in the year after a distribution.

Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts. Filed when the 10 percent additional tax on an early distribution applies OR when the owner claims a 72(t) exception on top of Box 7a Code 1. Also filed if an RMD was missed, to compute (or request a waiver of) the missed-RMD excise tax. Form 5329 flows into Schedule 2 of Form 1040.

Form 8606, Nondeductible IRAs. Filed to track basis in a traditional IRA when contributions were nondeductible. Part I tracks nondeductible contributions and basis. Part II reports Roth conversions from a traditional IRA. Part III reports distributions from a Roth IRA when they are non-qualified. For a gold IRA, Form 8606 matters most on Roth conversions and on any traditional distribution when the owner has basis.

Neither form has a Texas equivalent. Both are federal only.

How to reconcile your 1099-R and 5498 at tax time

The sequence below walks a Texas resident through a routine gold IRA tax season with both forms in play.

1. Collect the 1099-R by mid-February. The custodian must furnish it by January 31. If it is late or missing, contact the custodian first and the IRS second (Form 4852 substitute if it never arrives).
2. Match Box 1 to your bank records. Every dollar in Box 1 should tie to a wire, check, or bullion delivery you received. In-kind distributions of metal are reported at fair market value on the distribution date and should tie to the custodian's delivery invoice.
3. Read Box 7a distribution code carefully. The code drives the tax outcome. If Box 7a shows Code 1 but a valid 72(t) exception applies, plan to file Form 5329 with the exception; the code on the 1099-R does not control if the exception is documented.
4. Confirm Box 4 withholding. Verify federal withholding matches what you elected on Form W-4R. Underwithholding can trigger a federal underpayment penalty; overwithholding produces a refund but a bigger cash-flow hit during the year.
5. Report the 1099-R on Form 1040. Traditional IRA distributions go on Line 4a (gross) and Line 4b (taxable). Roth distributions and rollovers go on Line 4a with 0 or the correct taxable portion on Line 4b, with "Rollover" written next to the line where applicable.
6. File Form 5329 if the 10 percent applies or an exception is claimed. Compute the tax in Part I. If claiming an exception, enter the exception number from the Form 5329 instructions.
7. File Form 8606 if you converted or hold basis. Part II for a Roth conversion of a traditional gold IRA. Part I for tracking nondeductible contributions. Part III for a non-qualified Roth distribution.
8. Wait for Form 5498 by early June. Verify Box 2 (rollover) or Box 3 (conversion) matches what your source-side 1099-R reported. Verify Box 5 FMV is consistent with your year-end custodial statement. Keep the 5498 with your tax records; you do not attach it to Form 1040.

Estimate the RMD your custodian will list in Box 12b

The calculator below estimates a traditional gold IRA required minimum distribution using the IRS Uniform Lifetime Table in Publication 590-B Appendix B. The number your custodian prints in Box 12b of Form 5498 uses the same formula. The tool assumes you were the sole owner; joint-life and inherited-IRA tables use different divisors.

Texas gold IRA required minimum distribution (RMD) estimator

Once required minimum distributions begin (age 73 now, 75 starting 2033), you divide last year-end balance by an IRS life-expectancy factor. Texas charges no state income tax, so the result is taxed only at the federal level. You can take a gold IRA RMD in cash or in metal.

Account balance on Dec 31 last year (USD) Your age this year

Estimate my RMD

Estimate only, not tax advice. Uses the IRS Uniform Lifetime Table (most owners). A spouse more than 10 years younger and sole beneficiary uses a different table. Roth IRAs have no lifetime RMD. Sources: IRS Publication 590-B (Table III); IRS RMD FAQs. Consult your tax advisor.

The Texas layer: zero state form, zero state tax

Texas removes the state layer from both forms entirely. Article 8, Section 24 of the Texas Constitution prohibits a state personal income tax. Proposition 4, ratified in November 2019, tightened that prohibition; repeal now requires a two-thirds vote in each chamber of the Legislature plus a statewide referendum.

The practical result is that state boxes on the 1099-R (Boxes 14 through 17) are blank or show "TX" with 0 dollars for a Texas resident. There is no Texas state return that mirrors Form 5498 or 1099-R. There is no state Form 5329 or 8606 equivalent. State withholding on IRA distributions is 0 by definition.

Texas residency does not remove any federal layer. The 10 percent additional tax under IRC 72(t) still applies. So does the ordinary federal income tax on the distribution. So does the 28 percent federal collectibles cap on outside-the-IRA sales. Each rule hits a Texan the same way it hits any other US taxpayer. Texas residency is a state-tax setting, not a federal tax break.

For Texas residents who store IRA metal at the Texas Bullion Depository in Leander, the state-run status of the depository does not change the federal reporting either. The depository's vendor, Lone Star Tangible Assets, holds IRS Nonbank Trustee status; Equity Trust Company was the first self-directed IRA custodian to work with the Texas Bullion Depository. The 5498 and 1099-R still flow from the SDIRA custodian, not from the depository.

Worked example: a San Antonio owner at age 74

When these forms mislead a gold IRA owner

Frequently asked questions

Sources

1. Internal Revenue Service. About Form 5498, IRA Contribution Information (Info Copy Only). irs.gov/forms-pubs/about-form-5498. Checked June 2026.
2. Internal Revenue Service. About Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.irs.gov/forms-pubs/about-form-1099-r. Checked June 2026.
3. Internal Revenue Service. 2026 Instructions for Forms 1099-R and 5498. irs.gov/instructions/i1099r. Checked June 2026.
4. Internal Revenue Service. Publication 590-A: Contributions to Individual Retirement Arrangements (IRAs). irs.gov/publications/p590a. Checked June 2026.
5. Internal Revenue Service. Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs), including Appendix B (Uniform Lifetime Table). irs.gov/publications/p590b. Checked June 2026.
6. Internal Revenue Service. About Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts. irs.gov/forms-pubs/about-form-5329. Checked June 2026.
7. Internal Revenue Service. About Form 8606, Nondeductible IRAs. irs.gov/forms-pubs/about-form-8606. Checked June 2026.
8. Internal Revenue Service. About Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. irs.gov/forms-pubs/about-form-w-4-r. Checked June 2026.
9. Internal Revenue Service. Publication 1099, General Instructions for Certain Information Returns. irs.gov/forms-pubs/about-general-instructions-for-certain-information-returns. Checked June 2026.
10. Internal Revenue Service. Topic No. 558, Additional Tax on Early Distributions from Retirement Plans. irs.gov/taxtopics/tc558. Checked June 2026.
11. Internal Revenue Code Section 408. Individual retirement accounts. Office of the Law Revision Counsel. uscode.house.gov. Checked June 2026.
12. Internal Revenue Code Section 408A. Roth IRAs. Office of the Law Revision Counsel. uscode.house.gov. Checked June 2026.
13. Internal Revenue Code Section 3405. Special rules for pensions, annuities, and certain other deferred income (withholding). Office of the Law Revision Counsel. uscode.house.gov. Checked June 2026.
14. Texas Constitution, Article 8, Section 24. State personal income tax prohibition. Texas Statutes. statutes.capitol.texas.gov. Checked June 2026.
15. Texas Bullion Depository. IRA Storage Services. texasbulliondepository.gov/ira-storage. Checked June 2026.

By the Harry’s Coins Editorial team. Last reviewed June 2026.