PPP loan

Forum|Forum|5 years ago
May 10, 2021
7 replies
16 views

Do we have to enter a client's PPP loan and forgiveness info in ProSeries? I have basic & professional. I have a sch c client who received a PPP loan and completed their forgiveness. I know the expenses can be deductible but I don't see anywhere that we need to enter the loan info.

ProSeries Basic

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Loans dont get entered on a Sch C.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

D

Dottie FauciAuthor

Level 3

Do they get entered anywhere else on the return? My gut says no but I want to make sure.

PATAX

Level 12

@Dottie Fauci I believe the answer is no... Loans received and loan principal paid are generally not reportable transactions on form 1040... the schedule C and the form 1040 do not have a balance sheet... Other types of returns like 1120 for Corporation do have balance sheets... Hope this helps and as you know it is just my opinion...

G

GUBABOSTROM

Level 2

I have the same question. There has to be somewhere where it has to be reported, right? Is anyone here from CA? Do you report it on the state side at all?