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How do you enter PPP loan forgiveness adjustment for Virginia on pass through return

JoniIsner
Level 2
 
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dd4vols
Level 10
Level 10

it's an M-1 adjustment on Both 1065 & 1120S.  taxable income is different from book income.

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JoniIsner
Level 2

Yes that is correct on the Federal return... I am looking for guidance on the Virginia state return.  Virginia only has tax free forgiveness up to $100K... anything above that is taxable in Virginia... any thoughts.

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dd4vols
Level 10
Level 10

if VA has a similar schedule to the Federal M-1, or if it starts with the Federal income...then you would have an adjustment of any amount over $100k.

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