kestrelinnovatio
Level 1
‎03-04-2021 06:41 PM
Entering an S-Corp tax return 1120S. PPP and EIDL combined and were added as Misc Expense (a negative number).
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abctax55
Level 15
‎03-04-2021 06:42 PM

.... Expense (a negative number).

Why?

On the FEDERAL return, or on some non-conforming state return?

HumanKind... Be Both
IRonMaN
Level 15
‎03-04-2021 06:42 PM

Why?  Those things are tax free - at least for federal purposes.


Slava Ukraini!
kestrelinnovatio
Level 1
‎03-04-2021 06:44 PM

This showed up on Federal return. I simply deleted those entries. Seems like ProConnect is behind the times on this

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qbteachmt
Level 15
‎03-04-2021 07:42 PM

Here's your help article: https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

 

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