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KTtaxteam
Level 1
May 23, 2022
Question

I have a partnership that issued a K1 and W2 to the partner

  • May 23, 2022
  • 1 reply
  • 10 views

How do we handle a Partnership that issued a K1 and a W2 to the partner for different income amounts?

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1 reply

qbteachmt
qbteachmt
Level 15
May 23, 2022

The issue isn't that they have different amounts.

The issue is that a W2 would typically be an error. If the partnership has not elected (or won't be electing) to be treated as a corporation, there would not be payroll for partners. That's the first thing to pursue.

A K-1 is issued to a person having an equity position in the entity. That isn't a problem. If there is in fact supposed to have been payroll, then of course the W2 and the K-1 would not be expected to match, because they report different things.

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