investing in a pass-through entity



I have been looking into investing in a fund that is run as a pass through entity. I am told that this is easy if the investment is done from an IRA. However, I'm thinking of doing it using non-IRA funds. Are the taxes going to be a big pain enough to warrant not worrying about this? Or is it something that is fairly straightforward to handle. I usually prepare my taxes using Turbo Tax and have never dealt with something like this.

Would appreciate any advice or pointers to places to read up on this.



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