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A
abs96
Level 4
March 27, 2022

K-1 (1065) with IRA box checked

  • March 27, 2022
  • 2 replies
  • 12 views

I have a K-1 where I1 and I2 show that it is for a retirement plan "IRA/SEP/KEOGH"

When I try to enter it into ProSeries, it comes up with an error message saying "Retirement Plan checkbox is checked indicating that the K-1 is for a retirement plan and should not be entered on an individual's return." It says I should either uncheck the box or remove the form.

Is there somewhere else I need to report this?

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2 replies

abctax55
abctax55
Level 15
March 27, 2022

No.   IRA activity isn't reported on the individual's return until it is distributed via F 1099-R.

HumanKind... Be Both
    A
    abs96Author
    Level 4
    March 27, 2022

    Thanks.

      sjrcpa
      sjrcpa
      Level 15
      March 27, 2022

      The IRA may have to file a 990-T if the K-1 has unrelated business taxable income.

      And client throws it back to the IRA Trustee to prepare.

      The more I know the more I don’t know.
        A
        abs96Author
        Level 4
        March 27, 2022

        Thanks.

          abctax55
          abctax55
          Level 15
          March 27, 2022

          YVW.... the issuance of those is sorta new (last five years?) and is very confusing - especially to clients and especially when they show up AFTER the F 1040 has already been filed <w>.

          HumanKind... Be Both
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