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- I have a partnership that issued a K1 and W2 to the partner
I have a partnership that issued a K1 and W2 to the partner
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KTtaxteam
Level 1
05-23-2022
02:53 PM
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How do we handle a Partnership that issued a K1 and a W2 to the partner for different income amounts?
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qbteachmt
Level 15
05-23-2022
03:55 PM
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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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