I'm confused. I opened an investment account with Chase to have a little fun in the stock market. Now instead of being a simple brokerage account it seems I'm in a RET.
I don't have a lot of money invested, but even though this is after tax money it seems that I will pay tax on any gross distribution, irrespective of profit or loss.
As an example, I withdrew $500 I put in the account by mistake just a week later - now I have a 1099-R for $500!
I didn't want to contribute to a retirement account, I'm 70 and getting distribution from an annuity, I feel mislead by Chase.
Any suggestions on how to exit this situation without incurring excessive tax?
Thanks
