topic 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? in Retirement tax questions

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?

laura-recckia — Tue, 04 Jun 2019 19:42:42 GMT

MichaelL1 — Tue, 04 Jun 2019 19:42:43 GMT

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

laura-recckia — Tue, 04 Jun 2019 19:42:45 GMT

Almost $1500 and I did cash it

MichaelL1 — Tue, 04 Jun 2019 19:42:46 GMT

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

laura-recckia — Tue, 04 Jun 2019 19:42:48 GMT

Thank you very much

MichaelL1 — Tue, 04 Jun 2019 19:42:49 GMT

My pleasure