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.

gloriaosowski · ‎03-12-2021

The state I'm referring to is MN.

TaxGuyBill · ‎03-12-2021

What loan?

What provision makes it not taxable for Federal?

sjrcpa · ‎03-12-2021

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.

Ex-AllStar

TaxGuyBill · ‎03-12-2021

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

gloriaosowski · ‎03-12-2021

That is what it is for. Thank you

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.

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