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New Member
posted May 9, 2023 4:36:41 AM

2022 K-1 held in IRA

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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1 Best answer
Level 15
May 9, 2023 5:03:07 AM

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

3 Replies
Level 15
May 9, 2023 5:03:07 AM

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

New Member
May 9, 2023 5:12:30 AM

Thanks much!

Level 15
May 9, 2023 9:45:25 AM

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.