Confused about this K-1 within my IRA

Mar 20, 2011 3 Replies
M

I am confused. I have a Rollover IRA with Ameritrade.



I have traded stocks and options within this self-directed account. I have not withdrawn any funds.



One of my transactions involves some shares of VNR (Vanguard Natural Resources). It is traded on the NYSE.



I bought and sold some shares during the year.



I have already filed my taxes, but now I received a Schedule K-1.



It list Partner's Name as: MYName Rollover IRA TD Ameritrade and my address.



Box 1 says : $200 Box 13J says 42 Section L says: Capital Contributed: $13000 Current Year Increase/Decrease: $100 Withdrawals and Distributions: (13100)



I've rounded off the numbers above for simplicity.



Since this was all within my IRA, is there some kind of tax implication here for 2010? Do I have to ammend my return in some way?



Mel


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A

Same answer as in the unmoderated group - none of this goes on your tax return. Only K-1 box 20-V over $ 1000 creates any need for action.

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R

I was under the impression that if the total of line 20-V across all stocks and across all IRA accounts is over $1000 then tax is due. But you said only if 20-V for this one stock in this one IRA is over $1000 then UBIT is due.

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A

As I read the instructions for the 990-T , the 1000 should apply to the total UBTI across all accounts. How to get more than one IRA custodian to recognize this and fill out the 990-T correctly is a whole other issue.

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