My wife and I have a joint investment in a LLC with both of our names. I recently received a K-1 with only my name (item F) and my SSN (item E) on the form. Item I2 lists the entity as “individual”.
Question: should the K-1 suppose to have both my wife’s and my name or just my name (the primary account holder)?
I was unable to find any guidance on this. For INT-1099, only the primary account name and SSN are needed for joint accounts. I file my taxes jointly so I wonder if this matters.
You are correct: For most IRS reporting for interest, dividends, K-1 Income, married couples are generally considered as (1) investment unit.
If you are filing jointly it should have no impact on your tax return.
If you are concerned about the names appearing as a joint account on the LLC paperwork, contact the LLC member manager and find out if both names can be included, even though the income will be reported in your social security number.
You are correct: For most IRS reporting for interest, dividends, K-1 Income, married couples are generally considered as (1) investment unit.
If you are filing jointly it should have no impact on your tax return.
If you are concerned about the names appearing as a joint account on the LLC paperwork, contact the LLC member manager and find out if both names can be included, even though the income will be reported in your social security number.