Do I need to do anything with K-1 in an IRA?

In my IRA I bought and sold 100 shares of Spectra Energy in 2016 which is apparently a limited partnership. I already filed my taxes and just received a K-1. My loss from the buy/sell was -$39, but it shows ordinary gain/loss of $98 (in IL vs. $100 elsewhere), maybe from dividends minus trade loss. There are some other things listed that may count towards that, $138 gross income from all sources, $4 foreign gross income, $15 interest expense deductions, and $3 deductions for foreign source.

So within an IRA do I need to do anything with the K-1 or is that just for Spectra Energy's accounting?


Instructions for Form 990 refers to non-profit organizations and I am not an organization. And while my IRA has over $500,000 in assets mentioned in instructions for that, I should be so lucky as to make $200,000 annually from it. But I have time to learn investing since I lost my job of the past 40 years. I would be happy to make $60,000/yr from it.

I'll give Judy a vote up because she has been a regular here.

6 Answers

  • Judy
    Lv 7
    4 years ago
    Favorite Answer

    no, nothing you need to do

  • tro
    Lv 7
    4 years ago

    within the IRA, no it is not an event that needs to be reported, the IRA will remain as it is, up or down, until you take distribution when you will claim income at that time and for as long as your IRA pays out

  • 4 years ago


  • Anonymous
    4 years ago

    Check the codes. If the box for unrelated business income is checked and you had more than $1000 of it (across all accounts), you have to file a 990 for your trust (the IRA).

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  • Bob
    Lv 7
    4 years ago


  • 4 years ago

    No. Profit and loss inside an IRA has nothing to do with your taxes.

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