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Level 2
posted Oct 7, 2022 10:53:50 AM

990-T filed by broker, do i report on 1040

Hello,

I received a 990-T for a LLP (publicly traded) investment that was in my IRA. The broker house submitted and filed the 990-t on my behalf. Do i need to report anything from this on the 1040? I did receive a K1 from the LLP and included that information on my 1040. Just not sure if the 990-T is a stand alone document or if I need to add something to my 1040 on TurboTax. Thanks

1 4 1481
4 Replies
Level 15
Oct 7, 2022 12:03:41 PM

@Mike9241 

Level 15
Oct 7, 2022 2:10:53 PM

nothing to report on your 1040.  tax-exempt entities that have unrelated business income (would be reported in box 20 of the k-1)    must file 990-T and pay a tax if the UBI is over a $1.000                          

Level 15
Oct 7, 2022 2:12:35 PM

A Form 990-T is a separate tax return filed paid by your IRA.  Any tax due is paid from your IRA and is not a distribution from the IRA.  It has nothing to do with your individual tax return.

Level 15
Oct 7, 2022 5:23:33 PM

by the way don't include that k-1 on your 1040.