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New Member

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

 
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Level 15

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

It is taxable income to you.

The money should have been sent directly to the IRA, and if so there would have been nothing to do with your taxes.

Now to fix this and report it correctly you will need to go the Retirement area and report this under the 1099R section.  See below. 

I know you do not have a 1099R but will do a substitute 1099R and list the custodian of the account (broker) as the issuer.

The $1,500 will be box 1 and 2a and in box 7 the code will be 1 (if you are under 59 1/2) and the box near 7 will be checked IRA/SEP/SIMPLE.

To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

View solution in original post

5 Replies
Highlighted
Level 15

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

approx how much was it?  I assume you cashed it and did not put in IRA account, correct?
Highlighted
New Member

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

Almost $1500 and I did cash it
Highlighted
Level 15

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

It is taxable income to you.

The money should have been sent directly to the IRA, and if so there would have been nothing to do with your taxes.

Now to fix this and report it correctly you will need to go the Retirement area and report this under the 1099R section.  See below. 

I know you do not have a 1099R but will do a substitute 1099R and list the custodian of the account (broker) as the issuer.

The $1,500 will be box 1 and 2a and in box 7 the code will be 1 (if you are under 59 1/2) and the box near 7 will be checked IRA/SEP/SIMPLE.

To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

View solution in original post

Highlighted
New Member

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

Thank you very much
Highlighted
Level 15

I received a check for a Net Settlement Fund in Apple REIT Ten-no other forms. The Apple Reit was in my IRA. Is this taxable And, if so, how do I report it?

My pleasure