Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I received a K 1 from an MLP held in my IRA rollover

I received a K...

I received a K 1 from an MLP held in my IRA rollover account. Do I report these figures the same as I do all other K 1 accounts I have? I thought an IRA account that continues to grow just changes the amount of the annual distribution requirement.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I have several more K 1 holdings and I understand the tax treatment for them, but an MLP held in a IRA rollover I think should not reported.

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/25/2018
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 57,020
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Ask Your Own Tax Question

Good morning. No, a K-1 relating to an interest owned in an IRA does not go on your personal return. It's income to the IRA, not to you. Therefore, the income on the K-1, as you thought, does not go on your personal return.

Ask Your Own Tax Question
Customer reply replied 3 months ago
Ok and thanks, that is what I thought also.

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Tax Question
Customer reply replied 3 months ago
I will give you five stars.

Thank you so much! I know rating takes an additional step and I truly appreciate you taking the extra time!

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 57,020
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Richard and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 57,020
57,020 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

57,020 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am 61 years old and I want to invest in real estate inside
I am 61 years old and I want to invest in real estate inside my IRA. I am planning to set up a self directed IRA and transfer funds form my rollover IRA to fund it. I have 3 questions related to this:… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is the unrelated business income of an MLP taxable in an
is the unrelated business income of an MLP taxable in an IRA … read more
abci168
abci168
Principal
27 satisfied customers
I COMMUNICATED WITH YOU RECENTLY ABOUT A LOSS IN SALE OF
I COMMUNICATED WITH YOU RECENTLY ABOUT A LOSS IN SALE OF MLPs FROM MY IRA.YOU RESPONDED THAT THE LOSS WAS PASSSIVE AND I DID NOT HAVE TO REPORT TO IRS.WHAT ACTIONS I MUST TAKE RELATING TO INFORMATION … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have in my ira a schedule k 1 form. i thought you did not
I have in my ira a schedule k 1 form. i thought you did not have to report gains or losses until you sold them. is that correct?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
QUESTION (ACCOUNTANT'S ONLINE NAME) ONLY: I am trying to
QUESTION FOR PDTAX (ACCOUNTANT'S ONLINE NAME) ONLY: I am trying to figure out the cost basis for a publicly traded MLP that I sold on the last day of 2014. How do I report the quarterly distributions … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I sold last year Master Limited Partnership (MLP) units that
I sold last year Master Limited Partnership (MLP) units that I help for 2-4 years. As a result on the Schedule K-1 I received the MLP listed the Ordinary Income allocated to each of the units I sold r… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I received schedule K-1 MLP held in my IRA. It's a regular IRA, not Roth. Do I
I received schedule K-1 for an MLP held in my IRA. It's a regular IRA, not Roth. Do I need to report any of this information on my tax return? What about if I sell the MLP?… read more
Phillip Bell, EA
Phillip Bell, EA
Tax Advisor
Bachelor's Degree
191 satisfied customers
Lane Retired now at 59 and plan to rollover 401k to
Hi Lane Retired now at 59 and plan to rollover 401k to Fidelity IRA soon....need to take between $10,000 - $12,000 and roll over the rest. They take I believe 20% in taxes???will I have to pay taxes a… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do I need to report from a K-1 interest, dividends , and cap
Do I need to report from a K-1 interest, dividends , and cap gains held in an IRA? These K-1s are all from MLPs.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Hello- Im trying to figure out a tax question. I have a: •
Hello- I'm trying to figure out a tax question. I have a: • ***** *****cock 401k: $182,000 • eTrade Roth IRA: $9,000 Question: I'm thinking of rolling over my ***** *****cock 401k into an IRA (I no lo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I hold an MLP in my self directed Roth IRA account. I understand
I hold an MLP in my self directed Roth IRA account. I understand it is the responsibility of the custodian of the account to handle reporting and payment of any taxes due. I have been told that if I s… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am interested in adding more MLP investments to my Roth IRA,
I am interested in adding more MLP investments to my Roth IRA, and am concerned about hitting the UBTI $1000 threshold. This would trigger a tax payment from in an otherwise tax-free vehicle. Without … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I hold 3 mlps in my ira account and I have aready filed my
I hold 3 mlp's in my ira account and I have aready filed my federal/state tax returns and have just received 3 K-1 statements. None of the k-1 show UBTI tax of a combined amount that comes close to a … read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
451 satisfied customers
I HOLD MASTER LIMITED PARTNERSHIPS IN A ROTH IRA. ON LAST YEARS
I HOLD MASTER LIMITED PARTNERSHIPS IN A ROTH IRA. ON LAST YEAR'S TAX RETURN THE AMOUNTS COMPUTED BY TURBO TAX ON THE LINE FOR THE UNEARNED BUSINESS INCOME WAS A NEGATIVE AMOUNT. MUST I FILE FORM 990T … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
What are the Tax consequences of holding MLPs, REITs, and busness
What are the Tax consequences of holding MLPs, REITs, and busness development companies in IRA and Roth IRA accounts? What are the effects of "unrelated Business taxable income?… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
my parents inadvertantly executed 2 ira rollovers within 1
my parents inadvertantly executed 2 ira rollovers within 1 year. although they were comleted within the 60 day window the fact that there were 2 seems to be a violation. Will the irs work with them on… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My mother passed away and left behind a 401k and IRA ...
My mother passed away and left behind a 401k and IRA accounts. There are 3 bene''s, all equal shares, and we are not sure on our options - have been told that we need to open an "inherited" IRA and be… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
From a tax perspective, are MLPs and REITs best ...
From a tax perspective, are MLP's and REIT's best held in an IRA acct or a non sheltered, "regular" investment acct?… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x