Form 990-T is only filed by tax-exempt entities that invest in the partnership. It is not filed by the partnership.
A regular taxable account is not a tax-exempt entity, so the UBTI will simply be part of the taxable income that adds to your AGI when you enter the Schedule K-1 into TurboTax. The amount reported with code V in box 20 will have no effect on your individual tax return and there is no requirement to file any other type of tax return with respect to the amount reported with code V, even if it exceeds $1,000. (The $1,000 threshold comes from the specific deduction on Form 990-T and has no application to your individual tax return.)
