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

Forgiven PPP Loan for Self Employed Sole Proprietor?

Mark_H
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?

Thanks,

Mark

Labels (1)
0 Cheers
3 Replies 3
TAXOH
Level 11
Level 11

You don't need to report it.

genius
Level 1

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

0 Cheers
IRonMaN
Level 15

No place - other than maybe his state return 

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309