I'm preparing a parternship return. Is it OK to show one K1 issued to a husband and wife or do we have to create 2 K1s? The controller wants to see one K1 with both names and the SSN of the husband. I've been reading how the IRS is now doing a match on the K1s (name to SSN) so I told him that we would need to do 2 K1s. He came back and said that 1099-INT statements come in both their names all the time. I guess he has a point. What are your thoughts?
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I am not sure that is a good idea. What if they want to MFS? The point about interest is correct, but you can always nominee 1/2 to the other party on a 1099. Might be tough to do with a K-1. What is his reasoning for the joint K-1? It's easy enough to do two. -
I have never seen a K-1 in joint names, so can't help you there with any experience.Comment
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It depends who the partners are. If H and W have a single partnership interest, in both their names, then a single K-1 should be issued to them ... in both their names. On the other hand if H and W own separate partnership interests, then they should each get a K-1 from the partnership. One partnership interest = one K-1.
I have several clients who receive K-1s reflecting both their names, because that is the way their partnership interests are titled.Roland Slugg
"I do what I can."Comment
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"Joint" K-1s for Partnership
If indeed is OK to issue a single K-1 for a unitary partnership interest, what taxpayer ID# do you use??
I'm somewhat suspicious of the reason for the request. If 1099-INT is being received in the same manner, it appears there
is a conscious attempt to becloud the sources and make it impossible to determine a split...Comment
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