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Final K-1 Partnership - IRA/SEP/KEOGH

BobrLC
Level 1

When inputting information on K-1 page in Pro Series, when I checked box I2, I received error message from Pro Series indicating since the partnership return indicated that this return was a IRA/Sep/Keogh Plan as indicated on line I1, that this Form should not be entered on clients individual income tax return.

OK, what happens to all the supplemental information attached on K-1 Part III side of the form indicating entries in boxes 1 to 22  where income/loss/deductions entries should be entered on as well as supplemental K-1 information page 2.  Seems no direct reference to K-1 if I place entries on 1040.

This partnership was dissolved in 2020.

Thanks for Reply

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5 Replies 5
sjrcpa
Level 15

A Partnership interest held by an IRA does not get reported on a  1040.

If any reporting is needed, the IRA custodian files Form 990-T.


ex-AllStar
BobrLC
Level 1

Thanks for your reply.

I was looking at the idea that taxpayer lost on this deal and looks like he is unable to deduct his lost as this plan lost him monies.

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Just-Lisa-Now-
Level 15
Level 15
Lots of IRAs lose money, investments don't always pay off.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobrLC
Level 1

Thanks for your reply

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sjrcpa
Level 15

You're welcome.

Losses on investments inside IRAs are not deductible. Also, gains on assets in IRAs are not taxable.


ex-AllStar