I'm using desktop Turbotax.
I have a K-1 for partnership shares held in an IRA. I see no way to enter the fact that it is so held; instead, Turbotax has included partnership gains in my income. How do I prevent that, or correct it?
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A K-1 issued to the IRA is NOT entered anywhere on a personal income tax return ... if you have bypassed the warning and entered it in the TT program in error then simply remove the information entered.
https://ttlc.intuit.com/questions/2903043-how-do-i-delete-a-k-1
A K-1 issued to the IRA is NOT entered anywhere on a personal income tax return ... if you have bypassed the warning and entered it in the TT program in error then simply remove the information entered.
https://ttlc.intuit.com/questions/2903043-how-do-i-delete-a-k-1
Thanks much!
note that the IRA could be subject to taxes on unrelated business taxable income of $1000 or more. this would be reported in box 20. the iRA would file form 990-T to pay the tax.
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