Yes, the day that TD Ameritrade distributed the funds I immediately withdrew them because I planned on closing the account anyway. My father's original account had been cashed out and he had not invested or was using the funds. So they told me they were going to distribute the funds so the tax burden would be not as high.
I assumed this meant it worked the same way as a retirement account but I understand that this is not the case since it is not an IRA or retirement account. I think that is why I was confused about getting the 1099.
Since I took out the funds right away it never had a chance to earn interest. I did leave the account open but there is no balance.
