I purchased 20 shares of a Energy Transfer LP in my Roth IRA through Etrade. At the time I did not know anything about LPs. I sold it last year as I learned more about LPs. I received a K1. It did not make any money. There are about 30 states listed, but all report zero in the far right column for reporting state tax, thankfully. What do I need to report on my tax return for this year? What form would I complete?
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If the shares of the partnership were purchased within your IRA, then the K-1 should be reported to the Federal ID number of your IRA instead of your Social Security number. If that is the case, then you do not enter any of the K-1 information on your personal return. Keep it for your records.
Look for the partner's ID number shown on the left side of the K-1 to be sure your Social Security number is not there.
Hi, I read thru this series of Q&As, but I am still not quite clear on how to process it. My situation is I have a ROTH IRA with TD Ameritrade, and I trade a few times Energy Transfer (ET) stocks in 2021 and I had more than $1000 gains. Now I got K-1 from the ET, and also 990-T from TD Ameritrade. TD Ameritrade indicates it will file the 990-T to IRS on my behalf and take money out of my ROTH IRA to cover the tax due. So now my questions are:
Thanks. I appreciate it if you can shed some light on my case.
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