I have a K-1 where I1 and I2 show that it is for a retirement plan "IRA/SEP/KEOGH"
When I try to enter it into ProSeries, it comes up with an error message saying "Retirement Plan checkbox is checked indicating that the K-1 is for a retirement plan and should not be entered on an individual's return." It says I should either uncheck the box or remove the form.
Is there somewhere else I need to report this?
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No. IRA activity isn't reported on the individual's return until it is distributed via F 1099-R.
No. IRA activity isn't reported on the individual's return until it is distributed via F 1099-R.
The IRA may have to file a 990-T if the K-1 has unrelated business taxable income.
And client throws it back to the IRA Trustee to prepare.
Thanks.
YVW.... the issuance of those is sorta new (last five years?) and is very confusing - especially to clients and especially when they show up AFTER the F 1040 has already been filed <w>.
Thanks.
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