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QR Energy, LP Common Units repr Message Board

  • divincinvestor divincinvestor Mar 21, 2013 2:28 PM Flag

    Skip K1 Tax Filling

    I just received my K1 from QRE, Unfortunately, I completed my 2012 tax return without including QRE's K1. My understanding is that if the UBTI is less than $1000, I don't really need to file the K1 - I understand I'm not taking advantage of the loss, which is only -$63 (UBTI). Is my understanding correct?

    Sentiment: Strong Buy

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    • This makes no sense. You state you already completed your 2012 tax return, then you talk about UBTI which is only relevant for an IRA. So you are saying you did a tax return for your IRA?

      a) If it is an IRA and you have negative UBTI then there is no action needed (you don't get to take a loss as you imply).
      b) If it is in a taxable account then you absolutely need to include the K-1 data. Not reporting it is no different than not reporting W-2 wages or 1099-INT interest.

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