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G
Gia
Level 1
October 10, 2021
Question

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

  • October 10, 2021
  • 1 reply
  • 11 views

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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1 reply

abctax55
abctax55
Level 15
October 10, 2021

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

HumanKind... Be Both
    abctax55
    abctax55
    Level 15
    October 11, 2021

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

    https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/where-do-i-enter-the-information-from-a-partnership-that-my-s/00/65877

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