How do you enter PPP loan forgiveness adjustment for Virginia on pass through return

JoniIsner · ‎03-20-2021

dd4vols · ‎03-20-2021

it's an M-1 adjustment on Both 1065 & 1120S. taxable income is different from book income.

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JoniIsner · ‎03-20-2021

Yes that is correct on the Federal return... I am looking for guidance on the Virginia state return. Virginia only has tax free forgiveness up to $100K... anything above that is taxable in Virginia... any thoughts.

dd4vols · ‎03-20-2021

if VA has a similar schedule to the Federal M-1, or if it starts with the Federal income...then you would have an adjustment of any amount over $100k.

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