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Do I need to enter K-1s originating from a 401K account? (iShares S&P GSCI Commodity-Indexed Trust) Thank you!

 
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MaryK4
Expert Alumni

Do I need to enter K-1s originating from a 401K account? (iShares S&P GSCI Commodity-Indexed Trust) Thank you!

In general, you do not have to enter K-1s from a retirement account UNLESS there is Unrelated Business Income reported.  

 

Unrelated business taxable income is income earned by a tax-exempt entity, such as an IRA, that is not related to the exempt purpose of the tax-exempt entity. The exempt purpose of an IRA is to provide for the retirement of the IRA holder.  An IRA is an exempt entity separate from the beneficial owner of the IRA and can be subject to taxation on its own. UBTI is subject to taxation in all varieties of retirement accounts, such as IRAs, retirement plans like Keoghs, and health savings accounts (HSA). When total positive UBTI across all applicable investments held in a retirement account equals $1,000 or more, then Form 990-T must be filed.

 

(Note: this is rare and usually included in your documents.)

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