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    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
    Senior Member
    		  
    #1

    Mar 25, 2012, 11:50 AM
    Tax K-1 in IRA Account
    I have an account and received a K-1 Form. It is part of My IRA Account. Does it need to
    Be included in my taxes? Ordinarily none of my gains or losses are reportable from my IRA account until I make withdrawals from the account.
    MLSNC's Avatar
    MLSNC Posts: 158, Reputation: 17
    Junior Member
    		  
    #2

    Mar 26, 2012, 05:44 AM
    If the ownership interest is in the name of the IRA so that it falls under the IRA umbrella, then the K-1 income would not be reported on your personal income tax return (and neither would a loss). However, if the K-1 shows unrelated business income then the IRA may owe taxes on that. That tax would be payable by the IRA and would still not be on your personal return.
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