PPP loan forgiveness

[kestrelinnovatio]

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

[abctax55]

.... Expense (a negative number).

Why?

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

[IRonMaN]

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

[kestrelinnovatio]

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

[qbteachmt]

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