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I am having trouble with an NJ CBT 100S Return that has PPP Forgiveness.
The PPP Forgiveness entered on the federal return is showing as an add back on NJ Schedule K under Other Income (Part II, Line 2l) and carrying over as income on the K1s. NJ is supposed to be following federal guidelines so the forgiveness should not be taxable.
How do I properly show this? Other Subractions, Line 6F?
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Any adjustment for a PPP loan forgiveness on the NJ return will need to be made manually.
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Thanks, would I be able to do this on the Other Subtractions line, 6F?
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Entering an deduction on Other Subtractions, line 6F, would remove the income.
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How do you adjust the NJ balance sheet/NJ Schedule C for the PPP loan? When I add the PPP as a state adjusment for NJ Schedule C Line 5c, it creates a duplicate PPP adjustment on the statement, but pulls the correct number to the form.