K-1 has wrong SSN

[Zee]

I completed 2005 & 2006 returns for a new client today. Both year's K-1's with substantial amounts had the wrong SSN. I instructed the client to call the Partnerships accountant and attempt to get new K-1's issued for both years. Frankly, I wasn't sure what to do. I suggested he contact the partnership accountant's and hold on to the completed returns (I decided not to efile 2006) until he had new K-1's. I don't believe any of the K-1 data will be changed. As a caution, I also prepared an extension for this year. However, both years have no tax liability so an extension is just a precaution. Does anyone have a suggestion for a better handling?

[Chief]

No

Zee, I would have done what you did.

[Zee]

Chief - Thanks for the response.

[Gene V]

I would go ahead and file the tax return using the K-1 information with the wrong SS#, when you do get a corrected one and the IRS matches the returns, you will already have the information in the tax return.
This is providing all the information is correct on the K-1

[S T]

I would

I think you could handle either way, but I think I agree with Gene, caveat, that all other information on the K-1 is correct except the Social Security #.

I would notify the preparer of the K-1 of the incorrect information relating to the SSN, but if the t/p return is otherwise complete, I would go ahead and file on time without an extension.

At some point in time it will be corrected in the IRS computer. It is up to the T/p to follow up on the correction, but they and you have exercised the due digilence to file an accurate return and at least a timely one for 2006. Appears you are filing late on 2005.

Sandy