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How to report the anticipated loan forgiveness amount on the 1120S as tax-exempt income?

 
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2 Replies 2
Level 15

If it is "anticipated", it isn't income.  When it actually is forgiven, then you have tax exempt income ------- at least for federal purposes.

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Level 15

This discussion may also help, when it is actually forgiven?

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/ppp-loan-taxability-is-...

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