johnmallen78
Returning Member

Issues with SCorp schedule L balance sheet

I have a new business that is filing as S corp for the first time. It had no income or expenses in 2020 however the business is a partner in another company and received a K1 for a loss. That is listed in line 24 as a negative retained earnings and is making my balance sheet out of balance by that amount. I can't seem to find any information on how to zero that out. Any suggestions?