I am a limited partner in a LLC. My shares are held in an IRA. I have UBIT greater than $1K in box 20. Software blocks me once I indicate that this is an IRA

[jfcdexter]

When you have more than 1K in Box 20 item V you are required to file even if it is an IRA.  How do I make this entry?  I also have a K-1 (also in IRA) showing a loss  in Box 20, I would like to enter that so that the loss will carry over to 2017.  Thank you

[ChristinaS · Accepted solution]

If you have a K1 from an investment in an IRA, the K1 is not reportable on your personal income tax return. The taxpayer is your IRA, not you. If your IRA has UBIT, your IRA would file form 990-T, which is entirely unrelated to a personal tax return (1040).

If your IRA has a 990-T tax retirement filing requirement, this could be handled by your IRA custodian. Please contact your IRA custodian to inquire if an Unrelated Income Tax Return (990-T) is being filed for your IRA.

Under no circumstances would any loss or income go on your personal tax return.

[renokjm]

Hi, I formed a real estate investment LLC 70% funded/owned by my IRA custodian and 30% funded/owned by myself/cash. Is my LLC considered a single or multi member? Do I have to file a return for my LLC? Is turbotax Home and business equivalent to turbotax business? 

[KrisD15]

What kind of LLC is this for tax purposes? An S-corp? 

TurboTax Home and Business is for preparing Schedule C which would be for a sole-proprietorship. 

An IRA could be a limited partner in a Partnership. 

You should speak with the attorney that set up the business to understand the tax filing requirements.