K-I Income in IRA and in regular investment account

My wife is over 70.5, but I am not. We have K-1 income from partnerships purchased by our investment counselors. Some of this income is from K-1s in our joint investment account, and other K-1s are in our individual IRA accounts.

I assume we must report the income from the joint investment account, and I believe unless the income is greater than 1K in an UBIT I don't have to report the K-1s from my IRA. But I'm not sure about the K-1s connected to my wife's IRA. Thanks if someone can explain.

posted

You are correct. If the K-1s are part of your or your wife's IRA accounts, you do not include them on your return. You do need to report the K-1s in your joint investment account