Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Tax intricacies of MLP in a Roth IRA
You seem to have it right.  Unless you have a big position, having MLP shares in your IRA will not cause you any tax hassles.  Your IRA will get a Schedule K from the MPL (which may be mailed to you), but you won't need to do anything with that unless you're over the UBI limit.  Last I checked, that was $1000, and you probably won't exceed that. UBI in principle needs to be evaluated every year, so it's not necessarily a "one-time" event.  If your IRA does go over the UBI limit, your IRA (not you) needs to file a return.  In that case, contact your custodian and tell them about the Schedule K that you got. See also my answer here: Tax consequences of commodity ETF The question is about commodity ETFs in IRAs, but the part of my answer about UBI applies equally well.