Schedule K-1 Form 1065 received. Purchased publicly traded shares in my Roth IRA. What do I do with this form?

[nun116]

Form 1065 line I1 states partner entity is for IRA/SEP.

[AmyT · Accepted solution]

If these are shares that are owned by the Roth IRA, you do not need to do anything with the K-1.

IRAs do not file tax returns., so as long as the shares are owned by your Roth, there is no reporting requirement.

Do keep the form with your tax records.

[msc0902]

I read the following paragraph on Investopedia Web site:
When you hold MLP shares within a retirement account, such as a Roth IRA, this income—if it totals $1,000 or more—is considered unrelated business taxable income, or UBTI. That makes it subject to immediate tax, unlike most other investments you might hold in an IRA, where your earnings are usually tax-deferred or, in the case of Roth IRAs, tax-free.

https://www.investopedia.com/ask/answers/102714/can-i-own-master-limited-partnerships-mlp-my-roth-ir...

[Critter]

If your IRA is required to file a return you alert your IRA administrator to file the correct form... it is NOT reported on your personal income tax return.   And if you have $1000 or more of UBI in your IRA you made a mistake so get rid of them asap.