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bertrandcpa
Level 3
March 3, 2021
Question

Adjust Sub S basis for PPP loan forgiveness

  • March 3, 2021
  • 5 replies
  • 30 views

How do you input the basis increase for the PPP loan forgiveness in Proseries? 

This topic has been closed for replies.

5 replies

Accountant-Man
Accountant-Man
Level 13
March 3, 2021

Why does the basis increase?

** I am "Elevating with Intention!"
bertrandcpaAuthor
Level 3
March 4, 2021

Basis increases as it is treated like tax-exempt interest. 

rbynaker
rbynaker
Level 13
March 4, 2021

M-1: "Income recorded on books" which should then flow to OAA on M-2.

bertrandcpaAuthor
Level 3
March 4, 2021

I inputted the loan forgiveness on line 5a of the M-1 and it does not flow to the M-2. 

Accountant-Man
Accountant-Man
Level 13
March 4, 2021

I entered book income higher than tax income by 10K, then called it "tax exempt interest" on nthe M-1 adjustments sheet. 

10k flowed to M-2, OAA.

There seems to be no other way to get it to OAA unless you manually enter it. No code.

** I am "Elevating with Intention!"
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