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How to record IRA Mutual Fund settlement check
I received a check from a Mutual Settlement Fund that was pursuant from an order by the SEC.
The mutual fund is held in an IRA Rollover account. The check is for only $10.00.
Do I enter this any where and if so which form do I need?
Do I have to put it back into the Fund?
Can I cash it without a penalty?
Break down of check.
Fee Component: 8.21
Forgone Appreciation Component: 1.56
Interest Component: 0.23
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Retirement tax questions
Cash it and enjoy ...
You can report it as other income on Form 1040 line 21. Here's how to enter it in TurboTax.
· Click the Federal Taxes tab ( Personal in the Home & Business version)
· Click Wages & Income. (Personal income in the H & B version)
· Click "I'll choose what I work on."
· On the screen "Your 2016 Income Summary," scroll all the way down to the last section, "Less Common Income."
· Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
· On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
· The next screen asks, "Did you receive any other taxable income." Click Yes.
· On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
· On the next screen click Done.
The income will be reported on Form 1040 line 21 with the description that you entered.
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Retirement tax questions
As I said it is a fund that is held in my IRA Rollover.
The check is made out like this.
Pay My Name
Brokerage Firm Co Inc Cust
If that makes a difference.
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I will just cash it and not report since there is no mention of the IRA account.