If Part II, Item I of your Schedule K-1 (Form 1065) Partner’s Share of Income, Deductions,Credits, etc. indicates that the K-1 was issued to the IRA and not to you as an individual, you should not report the information on your individual income tax return. Federal tax law requires that a Schedule K-1 be sent to every unit holder (individual or business). If your IRA held units of the entity, you will receive a K-1. You will report this information on your return when you take distributions from the IRA.