When a K-1 from a limited partnership comes and is in the client's IRA account. Is there anything to report?
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Nothing to report. No different than earning dividends and interest inside the IRA. -
I suggest doing a web search for "IRA UBTI" (without the quotes). UBTI stands for Unreleased Business Taxable Income. The trustee/custodian may be required to file a 990-T for the IRA, and possibly pay taxes. In my browsing, I've seen assertions that some custodians foist this task on the IRA owner.
If the only items on the K-1 are interest and dividends, there shouldn't be a problem.Last edited by Gary2; 04-02-2012, 08:43 AM.Comment
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Here's a link to a prior thread onb UBTI, and it has another link embedded in it:
"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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