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PPP loan forgiveness

Entering an S-Corp tax return 1120S. PPP and EIDL combined and were added as Misc Expense (a negative number).
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4 Replies 4
abctax55
Level 15

.... Expense (a negative number).

Why?

On the FEDERAL return, or on some non-conforming state return?

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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This showed up on Federal return. I simply deleted those entries. Seems like ProConnect is behind the times on this

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qbteachmt
Level 15

Here's your help article: https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

 

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IRonMaN
Level 15

Why?  Those things are tax free - at least for federal purposes.

Armpit sniffer. Yup, checked out the help wanted ads and found the job. With my nose, how can I go wrong?