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rjksdk01
New Member

On my schedule K for my IRA I have Unrelated Business Income exceeding $1000. It appears I need to file Form 990-T. Does anyone have any advice on this issue?

this is regarding my personal IRA.

Box 20 V shows a negative Unrelated business taxable income

Box 20 Z1 shows a positive Unrelated Business Gross Income

I am using Turbo Tax Premier

1 Best answer

Accepted Solutions
ChristinaS
New Member

On my schedule K for my IRA I have Unrelated Business Income exceeding $1000. It appears I need to file Form 990-T. Does anyone have any advice on this issue?

Your IRA would be the taxpayer that files the 990-T. Did you ask your financial advisor if this service was being performed on your behalf? UBIT returns are often the responsibility of the custodians, or, at the least, are handled by them.

Netted together, is it under $1000?

View solution in original post

4 Replies
ChristinaS
New Member

On my schedule K for my IRA I have Unrelated Business Income exceeding $1000. It appears I need to file Form 990-T. Does anyone have any advice on this issue?

Your IRA would be the taxpayer that files the 990-T. Did you ask your financial advisor if this service was being performed on your behalf? UBIT returns are often the responsibility of the custodians, or, at the least, are handled by them.

Netted together, is it under $1000?

View solution in original post

rjksdk01
New Member

On my schedule K for my IRA I have Unrelated Business Income exceeding $1000. It appears I need to file Form 990-T. Does anyone have any advice on this issue?

Thank you very much for the quick response.
ChristinaS
New Member

On my schedule K for my IRA I have Unrelated Business Income exceeding $1000. It appears I need to file Form 990-T. Does anyone have any advice on this issue?

No problem at all!
amnerg73
Returning Member

On my schedule K for my IRA I have Unrelated Business Income exceeding $1000. It appears I need to file Form 990-T. Does anyone have any advice on this issue?

Do you know how long this has been the case that custodians take on the responsibility of filing? I thought it was only until 2018 that the IRS mandated IRA custodians file 990-T's. 

 

If you could provide any resource that would be great.

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