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    PPP Loan

    Cindy H
    Level 1

    Can you tell me on which line do you enter the PPP Loan that has been forgiven?

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    DS20
    Employee
    Employee
    5 Comments 5
    josephfolsomcpa
    Level 4

    From my understanding this doesn't need to be reported and therefore no line, but if you are preparing a partnership or S-corp return, then it would affect basis.  For a schedule C, you don't need to do anything.

    Cindy H
    Level 1

    Thanks for the response.  I should have stated that I am working on a SubS.

    DS20
    Employee
    Employee
    dd4vols
    Level 11
    Level 11

    that's a M-1 adjustment.

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    bm
    Level 3
     

    Yes M1 adjustment as well as on K1 16b item