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Question

K1 and 1099

Forum|Forum|3 years ago
March 3, 2023
1 reply
0 views

Received K-1 for income earned within a mutual fund and reported on 1099. Do I need to enter info from K-1 separately? Won't that result in duplicate gain/loss??

is the mutual fund held in an IRA or other tax-exempt account? if not contact the mutual fund. perhaps it did not include the k-1 items on its 1099. if a tax-exempt account, like an IRA there line 20 that ill have an amount for unrelated business taxable income. item 20V. if it's over $1,000 the tax-exempt entity must file form 990-T and pay the UBIT tax.