We cannot offer an opinion regarding the quality of the service you received from Chase, or the merits of whether you should have a retirement account. However, we can provide some advice regarding the tax considerations now that you have a 1099-R.
Assuming this was a traditional IRA, you may not owe any tax on the $500 that you withdrew from the account. You indicated that the money used to fund the account was after-tax money, and that is an important fact because knowing what that amount is, will help you determine your basis in your IRA. Once you know your basis, essentially the amount of the after-tax funds you deposited into the account, then you will have a starting point from which you can begin to determine what amount of that $500 is taxable. Keep in mind that you may not need to pay tax on the funds withdrawn, but rather, only the amount in excess of your basis.
The problem you might confront is that your 1099-R will not tell you what portion of that $500 distribution is taxable. Consequently, if you report the gross distribution, you may be paying more tax than the law demands.
Fortunately, TurboTax will calculate how much tax you will owe on the $500 withdrawn from your IRA. Go to the Wages & Income section of TurboTax and scroll down to the Retirement Plans and Social Security section. Select the option for IRA and respond to the questions as you move through that section. Once completed, you will know what, if any, tax you owe on the funds withdrawn from your IRA.
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