990-T filed by broker, do i report on 1040

Forum|Forum|3 years ago
October 7, 2022
3 replies
16 views

Hello,

I received a 990-T for a LLP (publicly traded) investment that was in my IRA. The broker house submitted and filed the 990-t on my behalf. Do i need to report anything from this on the 1040? I did receive a K1 from the LLP and included that information on my 1040. Just not sure if the 990-T is a stand alone document or if I need to add something to my 1040 on TurboTax. Thanks

Not A Product Question

Anonymous_

Level 15

@Mike9241

Mike9241

Level 15

nothing to report on your 1040. tax-exempt entities that have unrelated business income (would be reported in box 20 of the k-1) must file 990-T and pay a tax if the UBI is over a $1.000

Mike9241

Level 15

by the way don't include that k-1 on your 1040.

Mike9241

dmertz

Level 15

A Form 990-T is a separate tax return filed paid by your IRA. Any tax due is paid from your IRA and is not a distribution from the IRA. It has nothing to do with your individual tax return.