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Kinder Morgan Energy Partners Message Board

  • Titus_3_5 Titus_3_5 Apr 12, 2012 5:38 PM Flag

    KMP in IRA

    Question 1: I got a K-1 for KMP that I own in a Roth IRA. I'm told that even in an IRA, I need to have the custodian (TDA) pay taxes on UBTI (Unrelated Business Taxable Income)if it's over $1K. Mine says "-1,206". Is that over $1K or is it only over $1K if it's a positive number and the negative is indicating a loss that I wouldn't pay taxes against?

    Question 2: Another thread said that a person would only owe taxes in an IRA if it was over $1K the year the position was sold (adding up all the UBTIs for the period KMP was owned). My assumption it would be for the tax year you had UBTI over $1K and not when you sold the position.

    Question 3: If I have more than one K-1 for an IRA account, are they cumulative?

    Question 4: If I have more than one K-1 for IRAs between my wife and I, are they cumulative?

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