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

MD23
Level 1
 
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6 Comments 6
George4Tacks
Level 15

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


Here's wishing you many Happy Returns
BobKamman
Level 15

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.  

poolcleaner
Level 9

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.

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MD23
Level 1

Not a gain.  

 

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George4Tacks
Level 15

I sort of agree. NOT AGAIN! 


Here's wishing you many Happy Returns
Just-Lisa-Now-
Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪