Do I need to report a Schedule K-1 for an IRA account?

And you are SURE that this is QUALIFIED IRA account for a partnership that is held by by your IRA account that you have and did you contact the TRUSTEE of the IRA account and try to determine what the information means to you in your situation and your 1040 income tax return for the 2011 tax year? Usually when you have a QUALIFIED IRA account and transaction that go on inside of the QUALIFIED IRA account and NONE of the amounts are DISTRIBUTED OUT to you during the tax year then the amount would NOT have any affect on your 1040 income tax return BUT you really probably take this K-1 with the information that you have available to you and read the INSTRUCTIONS that you should have available to you with this K-1 for each line and see if you can determine exactly what it does mean to you and your 1040 income tax return before you really get things done incorrectly for this 2011 tax year 1040 income tax return during the 2012 tax filing season for this purpose. IF the amount does have to be reported as a taxable distribution amount and you are under the age of 59 1/2 you would definitely owe the 10% early distribution penalty and possibly some additional income taxes at your marginal tax rate when you do correctly complete your 2011 income tax return during the 2012 tax filing season. So you may NEED to seek some good FACE to FACE assistance with this matter at this time in your life and good luck to you with this matter. Hope that you find the above enclosed information useful. 03/08/2012

this seems very questionable about being in your IRA, income in IRA's are not reported during the holding period of the IRA, not interest, not dividends, not stock sales etc you do receive a 5498 each year informing you of your balance but not a report of income that you include on your 1040