The difference goes to your equity. It is not a liability, and it is not taxable income. You will have to adjust your equity accounts on page 4 or 5 of the return as a book item not affecting the tax return.
I don't use turbo tax, so I have no idea how that software processes that, but my professional software has a place to input the different types of grants, loans, payments, credits etc. However, I have to tell it not process the amounts to the balance sheet as I already have my balance sheet adjusted for them.
Look for a place to adjust "income recorded on books but not included on Schedule K' section in your software.
Good luck,
Debbie
