qtp-clayton
Level 2
03-13-2021
10:52 PM
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My S-Corp client is a partner and we recently received the K-1 from the partnership. I am out of balance by the amount of my distributions from the partnership to the s-corp, box 19A. Any ideas?
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rbynaker
Level 13
03-13-2021
11:31 PM
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Through the magic of double-entry bookkeeping that means you're off somewhere else too.
Dr. Cash
Cr. Investment in XYZ Partnership
To record XYZ Partnership distribution
abctax55
Level 15
03-13-2021
11:55 PM
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delete
"*******Tax software is no substitute for a professional tax preparer*******
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qtp-clayton
Level 2
03-14-2021
11:55 AM
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Hit me on the way home...where in the world is the other half of this? The answer...ownership interest wasn't reported on the balance sheet that was provided to me.
Thank you for your help. Now to see what else they omitted 🙂
