IRA Partnerships

In the last several years many of you have received K-1's from partnerships due to investments in your IRA account. The federal ID number is not your social security number but another entity number. Brokers have been putting funds in partnership investments to try to increase yields. The question is what do you do with these K-1's on your tax return. The short answer is that you do nothing on your own individual tax return. A form 990-T for tax exempt organizations needs to be filed if the code 20 V on the K-1 is greater than $1,000. Code V is for unrelated business income. Most of the K-1 code V's I have seen are much less than $1,000.