Retirement Savings and Benefits
Questions and comments about IRAs, 401k accounts, social security, and other forms of retirement savings and benefits.
IRA and K-1
Posted by: fuzzduzz, March 20, 2017 01:24PM
I received a K-1 for an energy stock ( NBLX ) I sold in 2016.... The stock was held in my IRA... The company does business in Colorado, Kansas and Oklahoma.... So I'm trying to figure out whether I need to file this K-1 info with my Federal return and also file a return for the different states it does business in...Any help would be much appreciated... Thanks for your time and efforts...

Re: IRA and K-1
Posted by: Alan S., March 20, 2017 04:08PM
What does the K 1 show for Box 20, Code V?

Re: IRA and K-1
Posted by: fuzzduzz, March 20, 2017 04:37PM
It shows $93... But it also shows income for the states it does business in... Colorado $90.... Kansas $8... and Oklahoma $1....

Re: IRA and K-1
Posted by: Alan S., March 20, 2017 06:03PM
Just file it in your records for about 5 years just in case a question ever arises.

An IRA must file a 990 T and pay taxes only on amounts over 1,000. of UBTI. This is far below the taxable amount, so no 990 T is necessary for federal or the various states.


Re: IRA and K-1
Posted by: fuzzduzz, March 21, 2017 06:06PM
That's the rule for the Federal return... I'm more concerened about the indiviual states...

Re: IRA and K-1
Posted by: Alan S., March 21, 2017 08:11PM
If your IRA custodian is one of those that will file the 990 T if over 1,000, it figures that there would be smaller amounts distributed over a few states. Maybe they will tell you what they do with these states in such a situation. Otherwise, you might make a call to the OK DOR and ask them what their minimum filing requirement is.



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