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#6
10-25-2008, 09:40 PM
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 Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Incomein an IRA On Oct 21, 10:56*am, jbccpa <bcoll...[at]satx.rr.com> wrote: - quote - > On Oct 20, 11:46*am, "Will" <westes-...[at]noemail.nospam> wrote: > > A very common organization for oil and gas partnerships these days is the > > multi-level partnership (MLP). * *As I understand it, MLPs distribute their > > income out to the "unit holders" (limited partners) and generate a Schedule > > K-1 for use on the limited partner's tax return. * * *My question is what > > happens when K-1 income is received into an IRA? * *Is tax deferred on that > > income as it is for capital gains and qualified dividend income? > > -- > > Will > FYI, > MLP is an initialism for Master Limited Partnership; not, Multi Level > Partnership.. Maybe a confusion with multi-level marketing (MLM) <G> . Katie in San Diego -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#5
10-21-2008, 05:56 PM
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| Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Incomein an IRA On Oct 20, 11:46*am, "Will" <westes-...[at]noemail.nospam> wrote: - quote - > A very common organization for oil and gas partnerships these days is the
FYI,> multi-level partnership (MLP). * *As I understand it, MLPs distribute their > income out to the "unit holders" (limited partners) and generate a Schedule > K-1 for use on the limited partner's tax return. * * *My question is what > happens when K-1 income is received into an IRA? * *Is tax deferred on that > income as it is for capital gains and qualified dividend income? > -- > Will MLP is an initialism for Master Limited Partnership; not, Multi Level Partnership.. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#4
10-21-2008, 05:53 PM
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| Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Income in an IRA In misc.taxes.moderated, Will wrote: - quote - > A very common organization for oil and gas partnerships these days is the
MLP is Master Limited Partnership. Many of these are PTPs (Publicly> multi-level partnership (MLP). Traded Partnership). - quote - > As I understand it, MLPs distribute their
--> income out to the "unit holders" (limited partners) and generate a Schedule > K-1 for use on the limited partner's tax return. My question is what > happens when K-1 income is received into an IRA? Is tax deferred on that > income as it is for capital gains and qualified dividend income? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
10-20-2008, 07:49 PM
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| Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Income in an IRA "Will" wrote: - quote - > Would UTBI be a rare thing for an oil and gas partnership?
Speaking strictly from what I hear, UBI seems quite common in IRA-heldMLP's, although I don't recall any specific comments regarding oil & gas. It's rare that there's enough of it to require a 990T. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
10-20-2008, 07:21 PM
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| Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Incomein an IRA On Oct 20, 12:46*pm, "Will" <westes-...[at]noemail.nospam> wrote: - quote - > A very common organization for oil and gas partnerships these days is the
I.D. number on> multi-level partnership (MLP). * *As I understand it, MLPs distribute their > income out to the "unit holders" (limited partners) and generate a Schedule > K-1 for use on the limited partner's tax return. * * *My question is what > happens when K-1 income is received into an IRA? * *Is tax deferred on that > income as it is for capital gains and qualified dividend income? > -- > Will If I recall correctly, these K-1's come in with the custodian's tax them, so the taxpayer does not have to report anything. Just check the K-1 when it comes in to see if your social security number appears on it. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
10-20-2008, 07:20 PM
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| Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Income in an IRA "Arthur Kamlet" <kamlet[at]panix.com> wrote in message news:gdidcv$h66$2[at]reader1.panix.com... - quote - > In article <4eudndmcY4YYm2HVnZ2dnUVZ_qrinZ2d[at]giganews.com> ,
Would UTBI be a rare thing for an oil and gas partnership?> Will <westes-usc[at]noemail.nospam> wrote: > > A very common organization for oil and gas partnerships these days is the > > multi-level partnership (MLP). As I understand it, MLPs distribute their > > income out to the "unit holders" (limited partners) and generate a Schedule > > K-1 for use on the limited partner's tax return. My question is what > > happens when K-1 income is received into an IRA? Is tax deferred on that > > income as it is for capital gains and qualified dividend income? > Ingeneral there is no tax effect. > In rare cases a hoilding might generate Unrelated Taxable Business > Income. If your IRAs generate over $1000 of UBTI/year the custodian > should calcuate the tax due on that income and pay it out of the IRA. -- Will -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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10-20-2008, 04:59 PM
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| Re: Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Income in an IRA In article <4eudndmcY4YYm2HVnZ2dnUVZ_qrinZ2d[at]giganews.com> , Will <westes-usc[at]noemail.nospam> wrote: - quote - > A very common organization for oil and gas partnerships these days is the > multi-level partnership (MLP). As I understand it, MLPs distribute their > income out to the "unit holders" (limited partners) and generate a Schedule > K-1 for use on the limited partner's tax return. My question is what > happens when K-1 income is received into an IRA? Is tax deferred on that > income as it is for capital gains and qualified dividend income? Ingeneral there is no tax effect. In rare cases a hoilding might generate Unrelated Taxable Business Income. If your IRAs generate over $1000 of UBTI/year the custodian should calcuate the tax due on that income and pay it out of the IRA. And charge you out of the IRA for handling the paperwork. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
10-20-2008, 04:46 PM
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| Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Income in an IRA A very common organization for oil and gas partnerships these days is the multi-level partnership (MLP). As I understand it, MLPs distribute their income out to the "unit holders" (limited partners) and generate a Schedule K-1 for use on the limited partner's tax return. My question is what happens when K-1 income is received into an IRA? Is tax deferred on that income as it is for capital gains and qualified dividend income? -- Will -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| income, ira, level, mlps, multi, partnerships, schedule |
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