Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

EIDL not taxable for CA, right?

justataxnerd
Level 2

Beware of using screen 13 Income to input EIDL advance (grant) received last year for CA S-corp clients

 

It has been months since CA conformed to tax-free treatment of these grants up to $10,000, but Lacerte is still adding back to income on CA K-1s.

I assume this goes for the individual, partnership modules as well.

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
qbteachmt
Level 15

This help article includes the AB 80 update info:

https://proconnect.intuit.com/community/diagnostics/help/how-to-apply-california-ppp-and-eidl-confor...

 

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

2 Replies 2
qbteachmt
Level 15

This help article includes the AB 80 update info:

https://proconnect.intuit.com/community/diagnostics/help/how-to-apply-california-ppp-and-eidl-confor...

 

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

justataxnerd
Level 2

Oh I see. Makes sense that you have to choose whether to conform or not as you may have already filed.  I just can't imagine why you would want to file and pay taxes if there was doubt on the taxation of the funds.   But I guess extending vs filing and potentially having to amend is a choice that each taxpayer and their preparer had to make.

0 Cheers