Limited Partnership And Ira

[Unregistered]

Client invested in a publicly traded limited partnership under the name John Doe IRA. He received a K-1. What happens to the figures on this form? He received a distribution of $1600 this year, as well as an ordinary business loss, interest income, etc.

I know where the figures are reported to an individual investing in this partnership, but what about an IRA?

Thanks to all.

[Matt Sova]

Nothing

It is income and losses to the IRA. The IRA does not file a tax return. Just like you never report Int, Div and Cap Gain for an IRA.

Matt

[Brian EA]

It is income and losses to the IRA. The IRA does not file a tax return. Just like you never report Int, Div and Cap Gain for an IRA.

Matt

At the top of the K-1 it should say RETIREMENT ACCOUNT.

[OldJack]

Client invested in a publicly traded limited partnership under the name John Doe IRA.

You say "client invested". If this is a legit IRA he would have been limited to a IRA contribution for the investment or it would have been a IRA rollover. If it is not a proper IRA he has taxable income from the k-1 with possible penalties for excess contributions to an IRA. If it is a legit IRA you have nothing to report as IRA's may invest in such entities if they wish.