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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- If the partnership is a retirement plan (IRA/SEP/Keogh)
If the partnership is a retirement plan (IRA/SEP/Keogh)
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keithcham1
Level 1
04-03-2022
06:32 PM
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I am getting an error message stating that because the partnership is a retirement plan i need to delete the K-1 (1065). I am not understanding why if it doesn't go here where should the k-1 be entered.
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sjrcpa
Level 15
04-03-2022
07:05 PM
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If your individual 1040 gave you a K-1 belonging to his IRA it does not get reported on his 1040.
The interest, dividends, capital gains in the IRA account don't get reported on the 1040 either, right?.
The IRA may have to file a 990-T for unrelated business income form the K-1. That is the IRA custodian's responsibility.
The more I know, the more I don't know.
