Partnership K1 reported in both spouses name

[Hamacher]

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?

[Burke]

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.

[Hamacher]

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’m not sure why he wants to do it like that but I wanted to make sure I was correct before pursuing it further. Anyone else have any thoughts? I know I’ve seen K1s in joint name but figured it was in error.

[Burke]

I have never seen a K-1 in joint names, so can't help you there with any experience.

[Roland Slugg]

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.

[Snaggletooth]

"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...

[Hamacher]

Anyone else have any thoughts?

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...

Seems odd to me, but like I said earlier, I've seen it before. I was just hoping to find out what is "correct".