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

PPP Loan Forgiveness

Ken59711
Level 1

On MN S-Corp Schedule KS Totals for MN Non Conforming Items, the entry for Paycheck Protection Program requires a negative entry on the form (Line 1).  Should not that entry be positive?

Labels (1)
0 Cheers
3 Replies 3
IRonMaN
Level 15

@Orlando 

Ken makes an interesting point.  PPP loan forgiveness currently is an add back to income for Minnesota.  However, the form does not allow you to enter a positive number, only a negative number can be entered (schedule KS page 2 line 1).  This results in a subtraction from income instead of an addition.  Can you shed any light on this issue?

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
Orlando
Employee
Employee

I've asked those in the know.. stay tuned.  

IRonMaN
Level 15

Thanks!

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
0 Cheers