LIMITED PARTNERSHIPS
I JUST RECEIVED A SCHEDULE K-1 (FORM 1065) FROM A LIMITED PARTNERSHIP THAT I OWN IN AN IRA ACCOUNT. ARE GAINS AND LOSSES SHOWN ON THE SCHEDULE K-1 REQUIRED TO BE ENTERED ON MY FEDERAL AND STATE TAX RETURNS ?
I JUST RECEIVED A SCHEDULE K-1 (FORM 1065) FROM A LIMITED PARTNERSHIP THAT I OWN IN AN IRA ACCOUNT. ARE GAINS AND LOSSES SHOWN ON THE SCHEDULE K-1 REQUIRED TO BE ENTERED ON MY FEDERAL AND STATE TAX RETURNS ?
Permalink Submitted by Alan - IRA critic on Fri, 2017-03-31 16:47
The only line on the K1 you need to be concerned with is line 20, Code V. If that is over 1,000 then your IRA (not you personally) must file Form 990 T and pay the tax on UBTI. Many IRA custodian will prepare this return for you. If there is no Code V, then you should not have received the K1.