This issue needs to be addressed at the "company" ...
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I received a W2 AND a K-1 with guaranteed payments, reflecting the same income twice. How do I account for this so that I am not paying taxes on this same income twice?

I am on my brother's other business' payroll, and we are partners in a 2nd business.  Our partnership business reimburses my brother's other company for my guaranteed payment.  so, as a result, I get a W2 from my brother's business ADN a K-1 from our partnership business for the SAME income.  This is causing my income to reflect twice.

 

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Highlighted
New Member

I received a W2 AND a K-1 with guaranteed payments, reflecting the same income twice. How do I account for this so that I am not paying taxes on this same income twice?

This issue needs to be addressed at the "company" level.   Both your K-1 and your W-2 information is reported to the IRS, so they will be expecting it to be reported on your individual tax return.  If it is not, they will propose an adjustment to  add it to your tax return.  You need to have one of the businesses issue you a corrected tax document.

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