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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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Level 15

.... Expense (a negative number).


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

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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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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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Level 15

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

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