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Is a Form 990-T required when one MLP or LP has UBTI over $1,000 or when the total of all MLP and LP's UBTI are over $1,000?

Forum|Forum|6 years ago
April 3, 2020
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Best answer by dmertz

Your retirement account is required to file Form 990-T if the total of all UBTI received for the year by all of the investments in the retirement account is $1,000 or more.

DawnC

Employee

Any exempt organization that has $1,000 or more of gross income from an unrelated business must file Form 990-T. So, any single MLP or LP that has over $1K of UBTI is required to file the 990-T.

Review any carry forward losses for MLPs or LPs with your tax advisor. This information (i.e. loss schedule, prior-year K-1 forms) may reduce your tax liability.

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dmertzAnswer

Employee

Your retirement account is required to file Form 990-T if the total of all UBTI received for the year by all of the investments in the retirement account is $1,000 or more.