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Updated almost 5 years ago,

User Stats

12
Posts
2
Votes
Michael Gorence
Pro Member
  • Real Estate Agent
  • Alpine, CA
2
Votes |
12
Posts

How or if I need to enter information from a K-1 or file a 990-T

Michael Gorence
Pro Member
  • Real Estate Agent
  • Alpine, CA
Posted

I invested in a syndication deal last year and unfortunately it looks like it will generate UBIT tax at some point. My plan at some point is to transfer this asset into a QRP and avoid the big tax bill. While the investment was made last year in May, we have not received any distributions as of yet (looks like net rental income was a loss). I did receive a K-1 from the asset manager (after I filed my taxes last month). I'm not sure if any UBIT tax was generated. My box 20 on the K-1 states STMT. Can anyone guide me with info to help with making sure I don't need to follow up and add a for 990-T to my taxes. Also, has anyone else had success avoiding this UBIT tax by switching to a QRP?

Thank you for your time and knowledge

Michael G

  • Michael Gorence
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