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Forgiven PPP Loan for Self Employed Sole Proprietor?

Level 2

Client is a self-employed (sole proprietor) consultant who received a PPP loan for his lost income. The loan was forgiven. My understanding is that forgiven loan is not taxable, but I'm also assuming that it needs to be reported. Where would I input this PPP loan/forgiveness information?



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3 Replies 3
Level 11
Level 11

You don't need to report it.

Level 1

Since PPP Forgiveness is FULLY TAXABLE in some states...The question remains open...How do you report it in ProSeries?

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Level 15

No place - other than maybe his state return 

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)