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K-1 statement reporting

Customer Question
I have received K-1 statements...
I have received K-1 statements from limited partnership investments I have in my SEP-IRA. Do I have to post these on my Federal Tax return since they are held in an IRA account?
Submitted: 5 years ago.Category: Tax
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4/1/2012
Tax Professional: winktax, Enrolled Agent replied 5 years ago
winktax
winktax, Enrolled Agent
Category: Tax
Satisfied Customers: 425
Experience: 18 years experience as an Enrolled Agent, insurance agent, stock broker and financial advisor.
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winktax :

No.

winktax :

Schedule K-1, Part II, Line I should indicate "Entity is this Partner?" which should be IRA/SEP/KEOGH. This line indicates to the IRS that this K-1 information will be no be reported.

winktax :

You can also confirm the Partner's Tax ID listed in Part II, line E is not your social security number but the tax ID of the SEP custodian.

winktax :

I hope the above answers your question. If so please click the accept button. Otherwise please provide additional information and or clarifying questions so that I can provide a more specific answer.

winktax
winktax, Enrolled Agent
Category: Tax
Satisfied Customers: 425
Experience: 18 years experience as an Enrolled Agent, insurance agent, stock broker and financial advisor.
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