Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Pass-Through Partnership K-1 on and S corp Return

Gia
Level 1

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!

Labels (1)
0 Cheers
2 Replies 2
abctax55
Level 15

Was that adjustment to the investment not entered on the trial balance used to start preparing your client's return?

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
abctax55
Level 15

And, are you planning on asking again next year too?

https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/where-do-i-enter-the-i...

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
0 Cheers