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ARGH!
My husband has done it again.
He promised he wouldn't buy any more of this crap (I'm miffed) and now we've received a Schedule K-1 (Form 1065).

The thing is.... he bought and sold the particular ETF (UUP) in his IRA.

After I kill my husband, what the heck do I do with this K-1?

Thanks for any help you can give me.

AM
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After I kill my husband, what the heck do I do with this K-1?

Well, if the K-1 were a frozen leg of lamb you could use it as the murder weapon, then roast it and serve it to the detectives. Tax season intermission question: Name that plot line. Bonus points for naming the Oscar-nominated (not for this role) actress.

But since it's an FYI item that doesn't affect your 1040 at all, I suggest you use it to draft your apology speech to the poor schlub as the start of a special evening. We discussed this last year, when these started popping up all over the place. While you'll find some people who will say send a copy to the IRA custodian, I'm of the camp that says use it to make papier mache animals. After all, if you examine it closely you'll see that what you have is a copy of what went to the custodian in the first place. If any action is required, it's rquired of the custodian.

Phil
Rule Your Retirement Home Fool
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Assuming this particular K-1 doesn't show over $1000 in unrelated business taxable income, you don't have to do anything. I'm also assuming this was the only K-1 you got.
This one was early....mine haven't started trickling in yet. But they will....
Best wishes, Chris
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Well, if the K-1 were a frozen leg of lamb you could use it as the murder weapon, then roast it and serve it to the detectives. Tax season intermission question: Name that plot line. Bonus points for naming the Oscar-nominated (not for this role) actress.

But since it's an FYI item that doesn't affect your 1040 at all, I suggest you use it to draft your apology speech to the poor schlub as the start of a special evening. We discussed this last year, when these started popping up all over the place. While you'll find some people who will say send a copy to the IRA custodian, I'm of the camp that says use it to make papier mache animals. After all, if you examine it closely you'll see that what you have is a copy of what went to the custodian in the first place. If any action is required, it's rquired of the custodian.

Phil
Rule Your Retirement Home Fool

----------------


LOL!
Thank you, Phil.
I will hold off killing him for now.

AM
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Name that plot line.

I cannot name it, but I saw it on television when I had one (pre 1965). I believe it was on one of Alfred Hitchcock's 1/2 hour television programs.
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I cannot name it, but I saw it on television when I had one (pre 1965). I believe it was on one of Alfred Hitchcock's 1/2 hour television programs.

You just named it. It's my favorite of that series.

The actress, anyone?

Phil
Rule Your Retirement Home Fool
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Actress Barbara Bel Geddes

Ya'll are just too good! I'm gonna have to come up with harder questions if I'm going to survive filing season.

Phil
Rule Your Retirement Home Fool
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Ya'll are just too good! I'm gonna have to come up with harder questions if I'm going to survive filing season.

The plot was reused for Murder She Wrote. A frozen fish was used as a weapon, and then served to Jessica.
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"I'm gonna have to come up with harder questions if I'm going to survive filing season."

...or find a way to block our access to Google. ;-)
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