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I just got a letter from the IRS telling me I grossly underpaid my income tax for year 2015. I didn't realize the MLP's in my retirement IRA are taxable even when untapped and earning interest compounded year after year. To add insult to injury, a 20% penalty and 4% interest is added. Some of the things you will be charged for on each stock: Partnership/trust/small business fees, qualified dividends, rents/royalties, Schedule D capital gains dividends, interest. Check on line to get a list of MLP's (Master Limited Partnerships). They often aren't identified as such when purchased. Watch out for the words "limited partnership" in the company profile. Here are a few that got me into trouble: RMP, KKR, CODI, FUN, CNNX, AMZA, USAC. I hope you don't get a surprise letter from the IRS like I did. It could cost you thousands.
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