Pp loan forgiven is being added back back to NJ S k-1 as income. is this correct?

cpapeter · ‎04-06-2021

The loan is fully forgiven and entered on the federal tax return. It appears as additional shareholder income in the NJ k-1 sub chapter S tax return

sjrcpa · ‎04-06-2021

And?

The more I know the more I don’t know.

goshen9882 · ‎04-07-2021

You ask if this is correct. The answer is "no" based on the following:

sjrcpa · ‎04-07-2021

Good mind reading.

EDIT: I see OP added the question. It wasn't there when I first looked at this.

The more I know the more I don’t know.