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JoeRoe
Level 1
January 23, 2021
Question

PPP income on Schedule C

  • January 23, 2021
  • 7 replies
  • 42 views

How do I report PPP income for a Schedule C? I know it's should not be includable as income but is a place to report it.

Thank you,

Joe

This topic has been closed for replies.

7 replies

abctax55
abctax55
Level 15
January 23, 2021

You don't report it.

HumanKind... Be Both
    sjrcpa
    sjrcpa
    Level 15
    January 23, 2021

    It may be taxable for the state, though.

    The more I know the more I don’t know.
      abctax55
      abctax55
      Level 15
      January 23, 2021

      Good point; have you decided "how" you are going to do that?

      I'm still debating the best presentation and I I haven't really played with the 2020 program yet.  For projections, I just forced it as a CA adjustment.  I'm hoping Lacerte will give us a snifty "state if different" option.  

      HumanKind... Be Both
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