How do you enter PPP loan forgiveness adjustment for Virginia on pass through return

Forum|Forum|5 years ago
March 20, 2021
3 replies
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dd4vols

Intuit Community Champion

it's an M-1 adjustment on Both 1065 & 1120S. taxable income is different from book income.

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J

JoniIsnerAuthor

Level 3

Yes that is correct on the Federal return... I am looking for guidance on the Virginia state return. Virginia only has tax free forgiveness up to $100K... anything above that is taxable in Virginia... any thoughts.

dd4vols

Intuit Community Champion

if VA has a similar schedule to the Federal M-1, or if it starts with the Federal income...then you would have an adjustment of any amount over $100k.

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