Ira K-1

[Acownt4it]

TP received a K-1 from a partnership but the entity type is a IRA/SEP/Keogh.
Do I report this on the TP tax return or is this like any other IRA statement thas is just reporting the income earned for the year and nothing is done with it for tax purposes?

[Matt Sova]

No entry

This is income to the IRA, nothing gets reported on the taxpayers 1040. Same as if they had Div, Int and Cap Gain inside the IRA.

[Acownt4it]

Thanks Matt

That is what I thought I just needed confirmation.