I received dividends in my IRA. Are they taxable?

Generally, all income earned in an IRA account is not currently taxable. The income is tax deferred and, regardless of the source of the income, is reported as ordinary income when distributions are taken from the account. However, certain income from a master limited partnership (MLP) held within an IRA is reported to an IRA owner on Schedule K-1 and must be reported currently on the IRA owner’s tax return; such income is not deferrable. More specifically, unrelated business income over $1,000 triggers unrelated business income tax (UBIT) that is reportable. If there are any questions, contact the IRA custodian.