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chapguy19
Level 5
June 25, 2025
Solved

Self Directed IRAs

  • June 25, 2025
  • 2 replies
  • 4 views

Cx delivered two 1065 K-1s to my office, both of which lost money. Two different EINs.

He labeled them as "Self Directed IRAs". Box I1 indicates the entity is an "IRA".

How do I code the K-1s inside of ProConnect?

Thanks in advance, Christopher

    Best answer by sjrcpa

    You don't. The IRA may have to file a 990-T if those K-1s have sufficient Unrelated Business Income.

    2 replies

    sjrcpa
    sjrcpaAnswer
    Level 15
    June 25, 2025

    You don't. The IRA may have to file a 990-T if those K-1s have sufficient Unrelated Business Income.

    The more I know the more I don’t know.
      qbteachmt
      qbteachmt
      Level 15
      June 30, 2025

      The loss is not a pass through loss. However, if there was UBTI in the past (or future), this can be used to offset within the IRA. It never goes to the Form 1040.

      I found you an article that might be helpful:

      https://greenleaftrust.com/missives/self-directed-iras-tax-losses/

       

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