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.

The more I know, the more I don't know.

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.

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.