If I receive a K1 with a distribution for a LLC that is in my IRA do I need to report it on my tax return?
If the LLC I belong to is held within my IRA, do I need to report any distributions on my current year tax return (I have not retired yet)?
021087
1 Best answer
Fern
New Member
Jun 5, 2019 2:49:38 PM
You do not need to report your IRA's income or loss in your individual tax return. The K-1 should be in the name of your IRA or note IRA in the account holder name.
2 Replies
Fern
New Member
Jun 5, 2019 2:49:38 PM
You do not need to report your IRA's income or loss in your individual tax return. The K-1 should be in the name of your IRA or note IRA in the account holder name.
adinacoca
New Member
Feb 28, 2020 1:27:15 PM
Is there a limit to how much an IRA member of an LLC can receive as a distribution on the K1?