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Level 2
March 12, 2021
Question

Where do you enter the amounts that the SBA paid for your loan for the 5 months? They are not taxable to the Federal but they are for the State.

  • March 12, 2021
  • 4 replies
  • 25 views
The state I'm referring to is MN.
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4 replies

March 12, 2021

What loan?

What provision makes it not taxable for Federal?

sjrcpa
Level 15
March 12, 2021

If you had an SBA 7a loan, the SBA paid 6 months of principal & interest for you pursuant to the CARES Act. The December legislation decreed this was not taxable income at the federal level.

The more I know the more I don’t know.
March 12, 2021

If that is what it is for, it goes on Line 24 of Form M1NC.