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kevinsnow
New Member

Regarding unrelated business taxable income (UBTI). I understand for a tax exempt account there is a $1,000 threshold before any UBTI needs to be reported. Does that threshold apply to brokerage accounts that are not tax exempt?

This UBTI is from a publicly traded partnership.  Does that effect whether it needs to be reported?   A lot of income from a K-1 needs to be also reported as other income on form 1040.
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MiriamF
Intuit Alumni

Regarding unrelated business taxable income (UBTI). I understand for a tax exempt account there is a $1,000 threshold before any UBTI needs to be reported. Does that threshold apply to brokerage accounts that are not tax exempt?

Information in Box 20 that affects your tax return is reported elsewhere on the document. The info in Box 20 is mostly there for your information and need not be entered, particularly Code Z amounts.

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MiriamF
Intuit Alumni

Regarding unrelated business taxable income (UBTI). I understand for a tax exempt account there is a $1,000 threshold before any UBTI needs to be reported. Does that threshold apply to brokerage accounts that are not tax exempt?

Information in Box 20 that affects your tax return is reported elsewhere on the document. The info in Box 20 is mostly there for your information and need not be entered, particularly Code Z amounts.

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