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M
MD23
Level 2
April 17, 2021
Question

K-1 in an IRA is not entered on the 1040; but, what about the sale, is it entered on form 8949?

  • April 17, 2021
  • 2 replies
  • 17 views
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2 replies

George4Tacks
George4Tacks
Level 15
April 17, 2021

TOTALLY IGNORE anything on a K-1 for an IRA. 

Answers are easy. Questions are hard!
    BobKamman
    BobKamman
    Level 15
    April 17, 2021

    Until the amount reaches the filing requirement for the IRA to file its own return for unrelated business taxable income (UBTI).  I'd have to look up if that includes gain on sale of units.  Buying PTPs in an IRA is sort of like buying municipal bonds in an IRA -- you lose out on a lot of the tax benefits.  

      P
      poolcleaner
      Level 8
      April 17, 2021

      It does include income on sale of units.  The ones I've seen usually come from the client's broker who is sending a nervous letter to explain why the non taxable IRA suddenly has to pay a tax.

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      April 18, 2021

      What happens in an IRA, stays in an IRA until you take the distribution, that distribution gets reported on a 1099R.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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