If you think the PPP loan will be forgiven, then you won't report it as taxable income in TurboTax. You would report it on line 16(a) of Schedule K as Other Tax-Exempt Income if you are filing a form 1120-S. It would go on line 18(b) on a Schedule K for form 1065. It would appear on your financial statement as either loan payable or other income, so there may be a reconciliation issue if you report your balance sheet on your tax return. This may be aided by the entries in Schedule M-1 and M-2 in TurboTax and on your corporate income tax return.
If you think the PPP loan will be forgiven, then you won't report it as taxable income in TurboTax. You would report it on line 16(a) of Schedule K as Other Tax-Exempt Income if you are filing a form 1120-S. It would go on line 18(b) on a Schedule K for form 1065. It would appear on your financial statement as either loan payable or other income, so there may be a reconciliation issue if you report your balance sheet on your tax return. This may be aided by the entries in Schedule M-1 and M-2 in TurboTax and on your corporate income tax return.
Hi,
I am using turbo tax business edition. I am filing under S Corp. I was wondering if you know where can I put down PPP loan amount under line 16(a) for schedule K? Thank you
I am unable to locate the Schedule K in Turbotax business. Any help?
What type of return are you preparing- partnership, S-corp, estate or trust?
I'm preparing an S-Corp return. The IRS and advice here tell me Schedule K line 16b, but I find no Schedule K.