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

[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.

[BOB W]

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..................

[TXEA]

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.

[Burke]

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.