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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Do I file on my federal tax form the information on a K-1 limited

Customer Question

Do I file on my federal tax form the information on a K-1 limited partnership that is in an IRA?
Submitted: 5 years ago.
Category: Tax
Expert:  MequonCPA replied 5 years ago.

Hi and welcome to JustAnswer:

 

If the investment is within an IRA it is not included on your personal income tax return.

MequonCPA and other Tax Specialists are ready to help you
Customer: replied 5 years ago.
I thought there was a stipulation that it would have to be reported if the income was more that $1000.00
Expert:  MequonCPA replied 5 years ago.

Actually if there is Unrelated Business Taxable Income (UBTI), the IRA is required to file a Form 990 and pay the tax. I have provided links to the form and instructions.

 

http://www.irs.gov/pub/irs-pdf/f990t.pdf

 

http://www.irs.gov/pub/irs-pdf/i990t.pdf