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My son and I own shares of FGP which is a publicly-traded limitd partnership in our IRAs. Should we be doing anything with the information on the K-1s we receive each year ? Will we need that information in the future ?

thanks
rad
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No. of Recommendations: 2
My son and I own shares of FGP which is a publicly-traded limitd partnership in our IRAs. Should we be doing anything with the information on the K-1s we receive each year ? Will we need that information in the future ?

Be very careful. If either of you should generate more than $1000 in UBI within your IRA, the IRA will have to file a 990-T return and pay tax. Your K-1 should disclose how much UBI was generated. You might want to retain this in case of any future questions from the IRS.

Ira
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Be very careful. If either of you should generate more than $1000 in UBI within your IRA, the IRA will have to file a 990-T return and pay tax. Your K-1 should disclose how much UBI was generated. You might want to retain this in case of any future questions from the IRS.

I have no idea what UBI stands for. When I bought it, I thought I was just buying stock in a gas company. I have carefully looked over the K-1 and still found nothing so I'd appreciate any clues to what UBI stands for.

thanks
rad
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UBI - Unrelated Business Income



Hohum
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UBI - Unrelated Business Income

It's reported on the partnership K-1 in Box 20, Code "V".

Ira
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