RobertB4444
Expert Alumni

Retirement tax questions

Was the K-1 issued to your social security number with no mention of your IRA?  It should have been issued to your Roth account in which case your social security number wouldn't be on the form and you have no reason to report this.  It is only for your records.

 

If it was issued to you as an individual (which it shouldn't have been) then you can either - 

Request a corrected K1, 

leave it off and prepare to deal with letters from the IRS to which you will need to respond with a copy of the K1 and some proof that the holdings are in your Roth, 

or enter the K1 onto your return along with corresponding negative entries that remove the income or losses from your return and provide the explanation in the notes.

 

No matter what, if the K1 was issued to you as an individual and doesn't say anything about being in your IRA then you need to contact your broker or the issuer of the K1 and get this corrected going forward.

 

@DWdave 

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