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I agree with @Anonymous_
A few comments:
- There are too many unknown facts, and attempting to gather those additional facts and provide a response is beyond the scope of a forum such as this.
- Partnerships having partners / members with an IRA, can add another level of complexity to an already complex area of tax; which is just plain old partnership tax.
- When your wife liquidated her interest in the partnership (LLC), the partnership terminated at that time.
- The partnership needed to file a final return within 2 1/2 months of that liquidating distribution
- So that means there needed to be a final form 1065 and final K-1's to the member's
- There are special rules when property is received in a liquidating distribution. The property takes on a substituted basis equal to the member's interest in the partnership.
- Based on the limited facts, you could potentially have issues with self-dealing. If this occurs, that would be a very costly issue.
- So as stated by @Anonymous_, you are not eligible to file a partnership return for 2022; as there is no longer a partnership.
- I strongly suggest you consult with a tax professional (or the trust department of a bank) knowledgable in the area of partnership tax AND partners that are IRA's.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎February 27, 2023
11:24 AM
4,142 Views