Cindy H
Level 1
03-11-2021
04:20 PM
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Can you tell me on which line do you enter the PPP Loan that has been forgiven?
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josephfolsomcpa
Level 4
03-11-2021
05:01 PM
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From my understanding this doesn't need to be reported and therefore no line, but if you are preparing a partnership or S-corp return, then it would affect basis. For a schedule C, you don't need to do anything.
Cindy H
Level 1
03-11-2021
05:09 PM
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Thanks for the response. I should have stated that I am working on a SubS.
Employee
Level 10
03-11-2021
05:24 PM
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that's a M-1 adjustment.
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bm
Level 3
02-22-2022
07:20 PM
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Yes M1 adjustment as well as on K1 16b item