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- PPP Loan Forgiveness on NJ CBT-100S
PPP Loan Forgiveness on NJ CBT-100S
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MelodyKPfeifer
Level 1
02-26-2021
11:21 AM
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How are folks handling the PPP Loan Forgiveness on Schedule K of the NJ CBT-100S?
Forgiven PPP amount was recorded as an M-1 adjustment on the Federal return, and it's flowing through the State return as an add-back on NJ Schedule K on Line L "Other tax-exempt income".
Are you putting an adjustment on Line F "Other subtractions" to deduct 'excluded PPP loan forgiveness'?
Or are you overriding Line L to be zero?
Appreciate your input.
I can't find anything on the State website as to how to properly report this, fully knowing that it's not to be included in income.
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