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yeknod
Level 5
June 6, 2022
Question

Self Directed IRA

  • June 6, 2022
  • 3 replies
  • 23 views

TP received a K-1 on a 1065.  It was made out to a self-directed IRA.  The IRA is a single member LLC.  Should this be reported on TP's 1040?

This topic has been closed for replies.

3 replies

sjrcpa
sjrcpa
Level 15
June 6, 2022

No. The IRA may need to file a 990-T.

The more I know the more I don’t know.
    Y
    yeknodAuthor
    Level 5
    June 6, 2022

    The IRA had a loss.  So, does the 990t need to be filed?  I read if a loss just keep K-1's until the 990t is required.  Does that sound right to you?

    sjrcpa
    sjrcpa
    Level 15
    June 6, 2022

    Yes it does.

    The more I know the more I don’t know.
      Y
      yeknodAuthor
      Level 5
      June 6, 2022

      When entering K-1 on 1040 and checking the box IRA I get an error.  It says not to report on the 1040, but I read an article that said if the IRA is a Single member to report on 1040.  Go figure...

      sjrcpa
      sjrcpa
      Level 15
      June 6, 2022

      That article is wrong. Income from a single member LLC that is disregarded for income tax purposes gets reported on the owner's tax return. Here the owner is the IRA.

      The more I know the more I don’t know.
        BobKamman
        BobKamman
        Level 15
        June 6, 2022

        Someone sophisticated enough to manage their PTP's in a self-directed IRA owning an LLC is surely bright enough to know some basic facts about tax returns.  

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