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Settlement payment for two individuals made to a single payee
August 19, 2024
Q. We are issuing a settlement payment, and in the settlement agreement it states to issue one payment to two individuals. The W9 we received only has one SSN provided. Would this be appropriate to issue the one payment and send the 1099 form out under the one SSN? Should we send the 1099 out only to the individual whose SSN is provided on the W9 form but issue the actual payment under both names? We did not want to split this payment because then it would be under the $600 threshold for a…
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