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K
Ken59711
Level 1
March 9, 2021
Question

PPP Loan Forgiveness

  • March 9, 2021
  • 3 replies
  • 9 views

On MN S-Corp Schedule KS Totals for MN Non Conforming Items, the entry for Paycheck Protection Program requires a negative entry on the form (Line 1).  Should not that entry be positive?

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3 replies

IRonMaN
IRonMaN
Level 15
March 9, 2021

@Orlando11 

Ken makes an interesting point.  PPP loan forgiveness currently is an add back to income for Minnesota.  However, the form does not allow you to enter a positive number, only a negative number can be entered (schedule KS page 2 line 1).  This results in a subtraction from income instead of an addition.  Can you shed any light on this issue?

Slava Ukraini!
    O
    Orlando11
    Level 8
    March 10, 2021

    I've asked those in the know.. stay tuned.  

      IRonMaN
      IRonMaN
      Level 15
      March 10, 2021

      Thanks!

      Slava Ukraini!
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