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

Dottie Fauci
Level 1

Do we have to enter a client's PPP loan and forgiveness info in ProSeries? I have basic & professional. I have a sch c client who received a PPP loan and completed their forgiveness. I know the expenses can be deductible but I don't see anywhere that we need to enter the loan info.

Labels (1)
0 Cheers
7 Replies 7
Just-Lisa-Now-
Level 15
Level 15

Loans dont get entered on a Sch C.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Dottie Fauci
Level 1

Do they get entered anywhere else on the return? My gut says no but I want to make sure.

0 Cheers
PATAX
Level 11

@Dottie Fauci I believe the answer is no... Loans received and loan principal paid are generally not reportable transactions on form 1040... the schedule C and the form 1040 do not have a balance sheet... Other types of returns like 1120 for Corporation do have balance sheets... Hope this helps and as you know it is just my opinion...

GUBABOSTROM
Level 1

I have the same question. There has to be somewhere where it has to be reported, right? Is anyone here from CA? Do you report it on the state side at all?

0 Cheers
abctax55
Level 15

@GUBABOSTROM 

I suggest you check on the message board at Spidell (THE source of info for CA things).

(https://www.caltax.com/forums/forum/message-board/)

CA passed/Newsom signed AB80 late April which deals with PPP loans/related deductions for CA purposes.  It's complicated.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
GUBABOSTROM
Level 1

Lol!

It's definitely complicated. Thank you!

0 Cheers
abctax55
Level 15

YVW... and just FYI, their webinars are great.  Well worth what they cost.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
0 Cheers