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B
Brian of Colorado
Level 3
August 15, 2021
Solved

Where do I enter nontaxable, forgiven, PPP proceeds on a Schedule C?

  • August 15, 2021
  • 3 replies
  • 15 views
No text available
    This topic has been closed for replies.
    Best answer by Just-Lisa-Now-

    You don't.

    3 replies

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community ChampionAnswer
    Intuit Community Champion
    August 15, 2021

    You don't.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      B
      Brian of ColoradoAuthor
      Level 3
      August 15, 2021

      Thank you!  That certainly explains why I couldn't find it.

      abctax55
      abctax55
      Level 15
      August 15, 2021

      Non-taxable income isn't entered anywhere for a Sch C (F 1040)... unlike for entities, where there's a balance sheet to contend with.

      HumanKind... Be Both
        B
        Brian of ColoradoAuthor
        Level 3
        August 15, 2021

        Thank you!  That makes sense.

         

        PATAX
        PATAX
        Level 12
        August 15, 2021

        If the PPP loan was not forgiven in 2020 then as of 12/31/2020 it would still be a liability on the books... Then in 2021 what ABCtax said is exactly correct... Just my opinion

          B
          Brian of ColoradoAuthor
          Level 3
          August 15, 2021

          Thank you!  Yes that is the way I understand it.

            PATAX
            PATAX
            Level 12
            August 15, 2021

            You're welcome

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