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Level 1

Should I enter a K form from an investment in my traditional IRA in my tax return? If so where?

I received a K-1 for Ferrellgas which is held in my traditional IRA. I believe this should be non taxable. Do I have to enter it in my return,

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Level 1

Should I enter a K form from an investment in my traditional IRA in my tax return? If so where?

No, you do not report the K-1 on your tax return.

  • Activity within an IRA account is reported to IRS by the fund Custodian, not IRA Owner. You get a copy of the K-1 for your records, just as you receive an information copy of Form 5498 (around May) each year. Both report what the custodian has already reported to the IRS.
1 Reply
Level 1

Should I enter a K form from an investment in my traditional IRA in my tax return? If so where?

No, you do not report the K-1 on your tax return.

  • Activity within an IRA account is reported to IRS by the fund Custodian, not IRA Owner. You get a copy of the K-1 for your records, just as you receive an information copy of Form 5498 (around May) each year. Both report what the custodian has already reported to the IRS.