Help reporting PPP Loan Forgiven For partnership returns

Forum|Forum|4 years ago
July 11, 2022
5 replies
48 views

I need to report a PPP forgiven in a partnership return.

I'm following the instructions from Intuit here but I get an error that Sch M-1 is out of balance by the actual PPP Loan amount . Do I need to make an adjustment and where in the schedule?

Thank you!

ProSeries Professional

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Best answer by dd4vols

Open the return. Across the Icons toolbar...select "FORMS".

When the Forms box comes up....scroll all the way to the right...6th row up

/\ This is the required forgiveness statement.

And remember, your "NET INCOME PER Books" includes the non-taxable PPP funds income.

G

GildardoAuthor

Level 4

dd4vols

Answer

Intuit Community Champion

Open the return. Across the Icons toolbar...select "FORMS".

When the Forms box comes up....scroll all the way to the right...6th row up

/\ This is the required forgiveness statement.

And remember, your "NET INCOME PER Books" includes the non-taxable PPP funds income.

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

G

GildardoAuthor

Level 4

Thank you for your reply.

I completed the required PPP forgiveness statement but still marks the error as out of balance.

Do I need to "manually" modify my net income by adding the PPP loan amount to fix the balance?

sjrcpa

Level 15

We're assuming you are starting with a trial balance.

The forgiven PPP Loan should be an M-1 adjustment - Income on books not on tax return.

The more I know the more I don’t know.

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