ILLMAS Posted April 6, 2011 Report Share Posted April 6, 2011 TP recieved a K-1 for an IRA he was, but I was wondering when should this report? When he cashes out? I don't remember where I read this before, but from what I remember the K-1 are reported on TP tax return until they take a draw, can someone just confirm this. Thanks Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 6, 2011 Report Share Posted April 6, 2011 Is this a self-directed IRA? Income to an IRA should go to the trustee, it is not income to the owner of the IRA until he takes a distribution, and then it is on a 1099R. Quote Link to comment Share on other sites More sharing options...
JRS Posted April 6, 2011 Report Share Posted April 6, 2011 Unless there is UBIT, you do not report anything on the K-1, even when they cash out. When the owner takes distribution the partnership would be liquidated, if necessary, and would be, as KC stated, reported on a 1099-R. Quote Link to comment Share on other sites More sharing options...
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