@frank112 wrote:
Hi @macuser_22
I called my custodian and they said that my Self-Directed IRA LLC has to file the 990T.
They, as the SDIRA as the custodian, will not do it for me.
As SD IRA custodian, they will only file IRS form 5498.
I have the Home and Business edition of TurboTax, can this edition allow me to file the 990T from the info on the K-1, if not what do you suggest?
What information from the K-1 I would need to be given to properly file the 990T?
Thanks in advance!
It would appear that the IRA trustee does not understand the IRS regulations. The trustee must file, not you. A SDIRA is still an IRA with more investment options. In any event, unless there is $1,000 or more reported as code "V" in box 20 on the K-1 form then the 990-T is not required.
Per the 990-T Instructions: https://www.irs.gov/pub/irs-pdf/i990t.pdf
I can't help with filling out and filing a 990-T since I am not a financial institution that is required to file one.
"Who Must File
Trustees for the following trusts that
have $1,000 or more of unrelated trade or
business gross income:
1. Individual retirement accounts
(IRAs), including traditional IRAs"
4. Roth IRAs described under section
408A,
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
