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It does sometimes seem like brokerages and PTP's have a spy at the IRS that tells them as soon as the return has been filed and accepted so they can then send either this unexpected K1 or a corrected 1099. Must be some kind of joke that I don't understand. I ain't laughing.

The UBTI has to be greater than $1,000 for your clients IRA in order to file the return that would tax it. Kinda tough to get over that limit, unless your client bought ALOT of them. Rich

No reporting on the individual's 1040. But, depending on the levels of UBTI on all the K-1's owned by an IRA, there may need to be reporting by the IRA. Tell your client to take them to his plan administrator to combine with the other IRA investments.

And that's why I combed my hair......Do I look OK?

KKR sends its K-1 about April 30. I sold it in the margin account and bought it in the IRA account to avoid this in the future.

I second what everybody is saying, plus I will add that the recipient ID number on all the ones I see are not my clients' SSNs. That always makes them feel better when I'm telling them, "No, I don't need to amend your return since you got this two days after filing..." (Every. Time. Grrrr.)

Actually, I have a client that had one that was a registered tax shelter with low income housing credit . They saved a bundle in taxes over the years, and I think now they are actually getting a small amount of income from it. That is the only one I have ever seen that I thought was worth the trouble, and I think that the same situation now would not lead to the same results due to the changes in the tax laws. But it has given me a lot of respect for the investment adviser that client uses.

One HUGE problem with tablets is privacy/security. Look at the settings (and some of them are pretty deeply hidden): all the apps want access to EVERYTHING (Denninger at market-ticker dot org has had some*excellent* reports on tablet security; he used to run an ISP so I give his opinions much credence). So I will not use a tablet for anything that needs to be secure. It's great for the handouts for my CPE meetings; instead of big floppy bunches of paper just my tablet. It's great for pdf's of my talks. It's great for games. Won't use it for much else, though.

Just think about all of that lost productivity while you're on the toilet.

i can't imagine being productive without a tablet. Desktops have their place and so do laptops. I use a windows desktop and a Mac for my laptop. But my iPad mini with a Bluetooth keyboard frees me from the constraints of both those devices. Just as Joan says, the tablet provided freedom you just can't get in any other way with any efficiency.

I think people are becoming way too addicted to their smartphones, mindlessly treating them as a tool that can handle absolutely everything. With all the apps available, they probably can--but does anyone ever think if they SHOULD do everything with it? It's a little gadget...you can lose it, leave it at the restaurant, have it stolen off your desk. I would never put any financial or sensitive data into my phone for this reason. And if huge, presumably very secure systems (Anthem, anyone?) can be hacked, think what crooks can do with the wireless transmission of your data, or what they will find if they steal your phone and have at it. Sure you can disable the phone, but only after you realize it's gone...an hour or two is twice the time they need to copy the memory. And just think of the inconvenience of trying to enter your tax return info into a tiny screen. The IRS even has an app for tax prep--wonder how popular it is. Eventually people are going to have to wake up about the dangers of smartphones. It will take some major hacks and some major damage, but we all know it's coming. Just like the future of the internet. I foresee that the internet as we know it is going to be a very different thing in the not too distant future. It is too insecure, too many places are collecting details of our personal lives from it, spyware and malware are threatening us even in the safe havens of our homes. Forgive me if I pass on giving my tax info to Sam's Club.

while I am almost totally paperless, for me its more for storage than working files. I pdf everything but keep the paper for the 3 open years then shred. as an old timer I just like paper for working. My offsite storage is almost empty but my current files are nice and full. Every 10/15 they get purged of the oldest year.