Saturday, April 2, 2011

What is a K-1 for an IRA?

Q.  I just received a K-1 form in the mail but I already filed my taxes and got a refund. What I don't understand about this K-1 is that it says it's made out to my IRA, and is listed as an exempt organization. I didn't think I had to file taxes for my IRA. What do I do now?  FS, Montana

A.  You are correct. There is no reason to do anything about it. You can either file it with your investments within your IRA or file it in the round basket. I do the latter! All these reports accomplish is to confuse people and cause more stress - something none of us need!

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