chapguy19
Level 4
06-25-2025
01:10 PM
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Cx delivered two 1065 K-1s to my office, both of which lost money. Two different EINs.
He labeled them as "Self Directed IRAs". Box I1 indicates the entity is an "IRA".
How do I code the K-1s inside of ProConnect?
Thanks in advance, Christopher
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sjrcpa
Level 15
06-25-2025
01:14 PM
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You don't. The IRA may have to file a 990-T if those K-1s have sufficient Unrelated Business Income.
The more I know the more I don’t know.
qbteachmt
Level 15
06-30-2025
04:59 PM
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The loss is not a pass through loss. However, if there was UBTI in the past (or future), this can be used to offset within the IRA. It never goes to the Form 1040.
I found you an article that might be helpful:
https://greenleaftrust.com/missives/self-directed-iras-tax-losses/
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