You more that likely have recieved some K-1 Forms from various unfamiliar companies. IRA accounts are exempt from having to files these is they total less that $1,000 total income. That is the case for most all of the accounts under my management. They are generated due a rule that is referred to as Unrelated Taxable Business Income. Just save them along with your tax receipts. You don't need to enter them in your tax returns. These are sent as a result of us investing in commodity or currency related assets from time to time.
Your custodian may send you a letter asking you to foward the K-1s to them, but, only if they exceed the dollar amount mentioned above.
Call if you have any questions concerning these K-1 forms.
No comments:
Post a Comment