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kestrelinnovatio
Level 2
Mar 5, 2021 12:41 AM UTC
Question

PPP loan forgiveness

Entering an S-Corp tax return 1120S. PPP and EIDL combined and were added as Misc Expense (a negative number).
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4 replies

abctax55
abctax55
Level 15
Mar 5, 2021 12:42 AM UTC

.... Expense (a negative number).

Why?

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

HumanKind... Be Both
    kestrelinnovatioAuthor
    Level 2
    Mar 5, 2021 12:44 AM UTC

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

    qbteachmt
    qbteachmt
    Level 15
    Mar 5, 2021 1:42 AM UTC

    Here's your help article: https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-in-proconnect-tax/00/118897

     

    Don't yell at us; we're volunteers
    IRonMaN
    IRonMaN
    Level 15
    Mar 5, 2021 12:42 AM UTC

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

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