Generally that is true but this can change depending on the holdings in the IRA. With K-1 earnings in an IRA, it is possible some tax forms may need to be filed.
Your IRA would have K-1 income if you invested in master limited partnership (MLP) stocks with your IRA money.
Tax rules require tax-advantaged accounts like IRAs to pay income tax on what is called "unrelated business income." An IRA holds investments and partnership income may not be investment income, resulting in UBI from your partnership investments. The amount of unrelated business income from your IRA's partnership investments will be listed as such in Box 20 of the K-1 form. Only the amounts of unrelated business income are important concerning taxes and your IRA account.
If your IRA earns more than $1,000 in unrelated business income as reported on the K-1s you received, the IRA must pay unrelated business income tax (UBIT) on the amount above the $1,000.
If the K-1s you received total to less than $1,000 in UBI, there is nothing you need to do. With more than $1,000 in UBI you need to contact your IRA custodian.
Your IRA and not you is responsible for paying any UBIT. The custodian of your IRA will complete and file a tax return in the name of your IRA account.
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