 K-1 in IRA |
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 Mar 20 2009, 11:21 AM
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#1
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Registered User Group: Registered Posts: 4 Joined: 24-September 08 Member No.: 27,375  |
I received a K-1 for a stock I have in an IRA at Fidelity Investments. It is an LP which I do understand has tax possibilities in an IRA. My understanding was that if UBTI exceeds $1000, it is taxable. Is that correct? Probobly not the smartest thing I did buy in this in an IRA but did not expect the UBTI to exceed $1000 and my dsitributions for 2008 was 978.00. The K-1 form I was sent by the company shows Ordinary Business Income of 1009. Does this mean I must file a return with IRS and that I have exceeded the UBTI by $9.00?
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| Guest_named_mjb_* |
Mar 21 2009, 01:03 PM
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#2
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Unregistered (or Not Logged In) |
QUOTE (chick @ Mar 20 2009, 12:21 PM)  I received a K-1 for a stock I have in an IRA at Fidelity Investments. It is an LP which I do understand has tax possibilities in an IRA. My understanding was that if UBTI exceeds $1000, it is taxable. Is that correct? Probobly not the smartest thing I did buy in this in an IRA but did not expect the UBTI to exceed $1000 and my dsitributions for 2008 was 978.00. The K-1 form I was sent by the company shows Ordinary Business Income of 1009. Does this mean I must file a return with IRS and that I have exceeded the UBTI by $9.00? See IRS form 990-T and instructions |
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| Lo-Fi Version | Time is now: 21st November 2009 - 12:49 AM |