Total Income did not include PPP forgiven amount, all expenses including those paid with PPP were part of deductions, and this same PPP is still reflected on taxes via M1. However, there are a number of exceptions and exemptions.
At the bottom of the Less Common Income section, select Miscellaneous Income. To enter the information regarding your PPP loan forgiveness, go to Wages & Income, then scroll down the page and find the Less Common Income section. In some cases, you may need to include the amount of debt your 1099-C reports on your tax return as income. Yes, TurboTax for 2021 will produce the PPP forgiveness loan statement. This worked for me and everything balanced. If you receive a Form 1099-C this year, it’s likely because one of your creditors canceled a debt you owe, meaning the company writes it off and you no longer have to pay it back. 3,728 Reply 14 Replies JohnB5677 Expert Alumni Febru5:15 AM Yes, If your mortgage was transferred, or refinanced, the original loan will have been paid off and the principal associated with it will be zero. On Business TT: 1) when entering Income items, do not include this "Other Income: forgiven PPP loan" ģ) Income/Reconciliation (M1): Enter your P/L's Net Income and other adjustments, as usual, then under #7, I, "Other Income on books not on return"(which is what this is), add in the forgiven PPP loan amount.
On P/L statement: forgiven PPP loan is under "Other Income": needs to be recorded in our books as, after all, it did get deposited and was used to pay for expenses. Not an accountant but just gleaned from everything I've read.
As everyone has mentioned, 1) forgiven PPP loan is not taxable and 2) expenses paid from it can be deducted. Was looking for answer all over the place, as TT doesn't even have a probe question about this.
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