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K-1 from limited partnership in an IRA

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    #1

    K-1 from limited partnership in an IRA

    I recall a discussion on how to record a k-1 in the client's IRA. Can anyone enlighten me? Thanks.
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    #2
    the K-1 needs to be sent to the trustee of the IRA. You do not do anything with it.

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      #3
      Originally posted by TXEA View Post
      the K-1 needs to be sent to the trustee of the IRA. You do not do anything with it.
      This is true unless you have a large amount of LP in the IRA. I've never seen it personally but some people supposedly hold those amounts.

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        #4
        In the OP the question is rather vague. Record a K-1 in an IRA? I'm not sure what that means. The IRA in question might be a self-directed one (SDIRA) in order to be investing in a LP.

        In some cases an IRA is required to file a tax return. The most common trigger is UBTI, but there are others. There was a good article about this in the Journal of Accountancy about eighteen months ago, and here is a link to it:

        Self-directed IRAs: A tax compliance black hole
        http://www.journalofaccountancy.com/issues/2013/oct/20137626.html
        The appeal of investing retirement funds outside of the typical securities market has driven a surge in the use of self-directed IRA (SDIRA) investment structures. These structures come in various forms, but they all start when an IRA account holder forms an SDIRA with a custodian (e.g., a bank or
        Roland Slugg
        "I do what I can."

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