In 2014 a number of our clients held a certain investment, in both IRA and non-IRA accounts, that will generate a K-1. Although the activity that is generating the K-1 will not impact the tax liability for assets held in an IRA account, is the IRA client still required to submit the K-1 to the IRS along with their tax return? Or is it not necessary since their tax liability is not impacted?

Thank you.