Gold IRA Reporting: Annual Valuation, Form 5498 and Form 1099-R

A Gold IRA is an ordinary IRA that holds metals, so the paperwork is the same IRS paperwork every IRA has. This page explains the two forms you will see most, what they say, and a gap worth knowing about: how the metals get their year-end value. For the wider rulebook, see Gold IRA Rules.

This is general information, not tax advice. Where a point is our reading of the sources rather than something they state, we say so.

How is a Gold IRA reported to the IRS each year?

The law requires the trustee or custodian of an IRA to make reports to the IRS and to the account owner. Under 26 U.S.C. 408(i), these reports cover contributions, distributions of $10 or more in a calendar year, and "such other matters as the Secretary may require." The statute, as we read it on Cornell, says the reports go to the individual no later than January 31 of the following year. We did not reconcile this with the furnishing dates in the Form 5498 instructions, because we could not open that part of the instructions.

In practice, two IRS forms carry most of this:

Sources: Form 5498, Form 1099-R, IRS Form 5498 page.

What Form 5498 shows

The IRS says a Form 5498 is filed for each person for whom the filer maintained any IRA (IRS). On the 2026 form, the boxes most relevant to a Gold IRA owner are:

• Box 1: traditional IRA contributions made for 2026, "in 2026 and through April 15, 2027."
• Box 2: rollover contributions, including direct rollovers. See the rollover guide for how those work.
• Box 3: amounts converted from a traditional IRA to a Roth IRA.
• Box 5: "the FMV of all investments in your account at year end."
• Boxes 11, 12a and 12b: Box 11 is checked if an RMD applies for the next year, Box 12a gives the date it must be taken by, and Box 12b the amount. If Box 11 is checked with no amount in 12b, the trustee must give you the amount or offer to calculate it in a separate statement by January 31 of that year. An RMD may be required even if Box 11 is not checked.

Box 5 is the annual valuation. We could not open the instructions' own Box 5 text, so this rests on the form. Notice the wording: it is one figure for all investments in the account. The form doesn't break out metals, cash and fees.

If you hold a decedent's IRA, the form adds that the amount reported may be the FMV on the date of death.

What Form 1099-R shows

Form 1099-R is about money coming out. The IRS form says Box 1 "shows the total amount distributed this year." That can include a direct rollover, a transfer or conversion to a Roth IRA, or a recharacterized contribution, so a number in Box 1 does not by itself mean the amount is taxable. Box 2a shows the part generally taxable, and if it is blank, the payer may not have had what it needed to figure that amount (IRS Form 1099-R).

Box 7 carries a distribution code. The code that matters most for metals is covered below.

How is IRA gold valued each year?

This is the question people ask most, and the honest answer from the IRS sources we opened is limited.

What the sources say. Form 5498 Box 5 is the FMV of all investments in the account at year end. Fair market value is a tax term for the price a willing buyer and seller would agree on. That is the only valuation standard the form states.

What the sources do not say. The IRS instructions and forms we reviewed do not say:

• which price the custodian must use for physical gold or silver (for example, a spot price, a dealer buyback price or an appraisal),
• which date or time of day to use for December 31, or
• whether coin premiums are included.

In the Form 1099-R text we read, FMV appears only in the code K definition (see below), with no explanation of how to determine it. We found no IRS text filling the gap. So we can't tell you how any given custodian values metals. That is a policy of the custodian, and you can ask for it in writing.

Two cautions follow from this:

• The year-end figure on Form 5498 may not match what a dealer would pay you today. (This is our reading: the form asks for FMV, and we found no source saying that FMV must equal a particular dealer quote.)
• Don't assume your purchase price is your year-end value. Cost and FMV are different numbers, and the form asks for FMV.

What is code K on Form 1099-R?

Code K is the distribution code for "traditional IRA assets not having a readily available FMV." The instruction says that for a distribution from a traditional IRA of assets without a readily available FMV, the payer enters code K in box 7a (IRS instructions).

Whether physical metals count as having a "readily available FMV" is not answered in the text we read. The instructions do not mention gold or silver in that passage. How a custodian codes an in-kind distribution of coins or bars is therefore a question for the custodian and a tax professional. We are not saying code K does or does not apply to metals.

What happens when metals leave the IRA?

Money or assets leaving an IRA are distributions, and Form 1099-R is the reporting form. The sources we read don't say how a custodian must report an in-kind distribution of coins or bars, so ask yours. A few points:

• A rollover or direct transfer to another IRA can also generate a Box 1 amount on Form 1099-R, even though it isn't taxable. The distribution code and Box 2a tell the story.
• The IRS notes that in a retirement plan account, buying a collectible "is treated as an immediate distribution from such account in an amount equal to the cost to the plan," and says that amount "should be reported to the participant on Form 1099-R" (IRS). That page states the same restrictions apply to IRAs. Gold, silver, platinum and palladium bullion "of a certain fineness" is excluded from the collectible definition if a bank or approved non-bank trustee keeps physical possession. See the collectibles rule for the details.
• When an owner personally holds IRA-purchased coins, the tax consequences can be severe. The Tax Court case McNulty v. Commissioner is the main example.

Distributions before age 59½ may carry an additional tax, and some are exempt. That is outside this page; ask your tax professional.

What should you keep?

Our suggestions, not IRS requirements unless stated:

Check each form as it arrives. If the numbers look wrong, ask the custodian to explain or correct them.

Common questions

When do I get the forms?

The statute wording we read says reports to individuals are due by January 31 of the year after the one they cover, but we have not reconciled that with the Form 5498 instructions. Form 5498 itself uses January 31 for the trustee's separate RMD statement (Form 5498). We could not open the section of the IRS instructions that lists Form 5498 furnishing and filing dates, so we are not stating those. Ask your custodian for its schedule.

Does a Form 5498 mean I owe tax?

No. The form is informational (Copy B says "keep for your records"), and it reports contributions and value. The tax questions come from the contributions, conversions and distributions it describes.

Do I report my gold's value on my tax return?

We found no IRS source saying an owner reports the Box 5 value on a return. Tax filing depends on your situation, so ask a tax professional.

What about the SECURE Act?

Newer laws changed RMD and beneficiary rules, which affects Boxes 11 and 12. See SECURE Act and SECURE 2.0 Changes That Affect Gold IRAs.

When to ask a professional

Valuation and distribution coding for metals involve judgment, and the sources we read don't settle them. A CPA or enrolled agent can read your forms alongside your return. Your custodian can explain how it reports, but is not a substitute for tax advice.