AnnieR Posted April 5, 2011 Report Posted April 5, 2011 Two clients have invested in IRAs that are held in partnerships. (Gas Resource Partners, LP. They received k-1s for the partnership in the name of the client's IRA as the partner. Do I have to report the information in the K-1 on the personal return, as the K-1 is for the IRA? Now that I have you as confused as I am, thanks for any help. AnnieR Quote
Gail in Virginia Posted April 5, 2011 Report Posted April 5, 2011 If I understand you correctly, their IRA's have invested in the partnerships. Generally speaking, IRA investment income does not have to be reported on an individual's tax return. Quote
imjulier Posted April 5, 2011 Report Posted April 5, 2011 For what its worth, I see these all the time and agree with Gail....no tax impact if held in an IRA. Quote
JRS Posted April 5, 2011 Report Posted April 5, 2011 The only time there is a tax problem in partnerships held in IRAs, is unrelated business income tax (UBIT). If the aggregated amount is over $1000, usually the broker (if a PTP) will handle their taxes. Quote
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