K-1s from partnerships with entity ira/sep/keogh

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  • duanecpa
    Senior Member
    • Dec 2008
    • 112

    #1

    K-1s from partnerships with entity ira/sep/keogh

    Some of my clients are bringing 1065 K-1s where the entity type is ira/sep/Keogh with a FEIN which is not their social. According to the accompanying information, it appears as though the information provided on the k-1s should be included on their 1040 for 2013. Has anyone else come across clients with similar k-1s? If so, is the information on the k-1s to be include on their individual income tax returns?

    Thank you.
  • BOB W
    Senior Member
    • Jun 2005
    • 4061

    #2
    If it is titled as a FBO or any other IRA type plan just ignore it for the 1040. Only distibutions (1099R) need to be included..................
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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    • TXEA
      Senior Member
      • Feb 2014
      • 329

      #3
      If the account (K-1) is for a retirement plan (IRA, SEP, etc) generally the instructions that come with the K-1 tell you to send the K-1 to the brokerage company. In certain circumstances, the IRA, SEP, etc must file a Form 990-T to report UBIT if the amount is $1,000 or more.

      Most brokerage services handle this service (if required) as part of the annual custodian fee.

      The situation that results in the K-1 is the IRA of individual is invested in a MLP or PTP.

      Comment

      • Burke
        Senior Member
        • Jan 2008
        • 7068

        #4
        Originally posted by duanecpa
        Some of my clients are bringing 1065 K-1s where the entity type is ira/sep/Keogh with a FEIN which is not their social. According to the accompanying information, it appears as though the information provided on the k-1s should be included on their 1040 for 2013. Has anyone else come across clients with similar k-1s? If so, is the information on the k-1s to be include on their individual income tax returns?
        Thank you.
        Good job on catching that. I have seen them reported on the TP's tax return. And they shouldn't be.

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