Gia
Level 1
10-10-2021
02:31 PM
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I entered a pass through K-1 from a partnership that my S corp invests in. It shows up as "other income" on the income statement of my S corp return but it throws off the balance sheet/Retained Earning. Does anyone know how to fix this? Do I need to enter it as a investment in Sub in the assets section?
Thanks in advance for your help!
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abctax55
Level 15
10-10-2021
02:48 PM
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Was that adjustment to the investment not entered on the trial balance used to start preparing your client's return?
"*******Tax software is no substitute for a professional tax preparer*******
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abctax55
Level 15
10-11-2021
09:50 AM
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And, are you planning on asking again next year too?
"*******Tax software is no substitute for a professional tax preparer*******
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