Received a Schedule K-1 from stock in my IRA. What to do with it???
January 3, 2010 by
Filed under schedule making software
I’m using Taxcut Premium Federal + State to do my taxes. Will this software package be able to handle/file the info if I really need to do something with the K-1 forms I received?
I didn’t think any reports to the IRS are necessary on a IRA except for when contributions and distributions have occured.
I will be ticked with my broker if I have to pay for tax prepration help. These stocks probably won’t make enough money to cover the tax preperation fees.
The K-1 form didn’t come from the Brokerage firm but from the publicly traded company that I hold the stock of. The stock is in my IRA at the Brokerage firm.
You are correct. On the IRS web site K-1 is for trusts, partnerships, and shareholders of S corporations, not IRAs. Does your stockbroker know this is an IRA?
I would not report it, but I would keep it handy in case the IRS called.
You do not need to report this on your tax return since the stock is held in a retirement account. This income is not taxable.