Partnership K1 reported in both spouses name

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Hamacher
    Senior Member
    • Jun 2006
    • 180

    #1

    Partnership K1 reported in both spouses name

    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
    Senior Member
    • Jan 2008
    • 7068

    #2
    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.

    Comment

    • Hamacher
      Senior Member
      • Jun 2006
      • 180

      #3
      Originally posted by 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.
      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.

      Comment

      • Burke
        Senior Member
        • Jan 2008
        • 7068

        #4
        I have never seen a K-1 in joint names, so can't help you there with any experience.

        Comment

        • Roland Slugg
          Senior Member
          • Aug 2006
          • 1860

          #5
          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

          • Snaggletooth
            Senior Member
            • Jun 2005
            • 3314

            #6
            "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

            • Hamacher
              Senior Member
              • Jun 2006
              • 180

              #7
              Anyone else have any thoughts?

              Originally posted by Snaggletooth
              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".

              Comment

              Working...