Thanks to all who responded. I just found an excellent 1/23 article on how to proceed: https://www.barrons.com/articles/charles-schwab-settle[product key removed]-[phone number removed]
Key points from that article:
ARE THE CHECKS TAXABLE?
Checks expire on March 30, 2023 and should be cashed or deposited before then, according to the distribution website. What you do with your check, and whether it will be taxed, will depend on the type of account it was associated with.
If the distribution is associated with a retirement account such as an IRA, then it will not be taxable as long as it’s deposited back into the same type of account, whether at Schwab or another institution. To avoid complications, a check associated with a traditional IRA would have to go into a traditional IRA, and a check associated with a Roth IRA would have to go into a Roth.
WILL YOU GET A 1099?
If you receive a check relating to a retirement account, you may receive a 1099-R form. Then, if you roll over that money into a retirement account, you will receive a Form 5498 from the receiving institution.
If you receive a check relating to a taxable brokerage account of an amount greater than $600, you will receive a 1099-MISC and/or 1099-INT.
