topic No. in Retirement tax questions

Does turboTax let you enter info for a K-1 if box I2 is checked (IRA)? Is the income subject to UBTI if the total income from all my K-1s exceed $1000?

mitchel-ruffman — Sat, 01 Jun 2019 15:28:28 GMT

A Schedule K-1 issued for an investment in your IRA is no...

dmertz — Sat, 01 Jun 2019 15:28:30 GMT

A Schedule K-1 issued for an investment in your IRA is not reportable on your personal tax return. The IRA, not you personally, is the member of the partnership.

If the IRA has UBTI of $1,000 or more, the IRA must file Form 990-T. UBTI from a partnership is indicated with code V in box 20 of the Schedule K-1 (Form 1065).

Being a member of the partnership with a $10,000 loss in...

lakenana — Sat, 01 Jun 2019 15:28:30 GMT

Being a member of the partnership with a $10,000 loss in my IRA from the company reorganization can I claim any of this loss yearly on my taxes from the sale of shares?

No.

dmertz — Sat, 01 Jun 2019 15:28:32 GMT

No.