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Please clarify what you have done several times. Have you tried the work-around given above by Peppelarson?
I also experienced this error in my 1120-S return and followed the recommendation from TurboTax - it did not work. I then followed Peppelarson's solution which worked perfectly.
Hopefully TurboTax will implement a correction for this error soon.
Had to comb through this / redo the PPP form SIX OR SEVEN TIMES before I finally got this error to disappear. For a big company that takes > $120 for this software every year, that's POOR development, error fixing, testing. Fix your issues, Intuit. Wear your big-company pants.
Hello! I tried the suggested path by @Peppelarson switching between steps 2 and 3 and both times work with no error. However the forgiveness amount does not show up on schedule k-1 under line 16b. It doesn't show up at all not sure how to fix this?
Please clarify what entries you made on Schedule M-1 Items Worksheet (Sch M-1 Wks) and if the PPP Loan Statement was generated.
Finally was able to submit it.
Had to create a new file:
1. PPP Section say No
2. Go to Forms 1120 pg3-5, M-1 Enter PPP Forgiven $Amount
3. Finish the Income & deduction sections. Do not enter anything for the Interest Income in my case.
4. Go back to PPP Section say Yes and enter the PPP Forgiven $Amount
5. Check for Errors, Save and submit
I didn't wanted to take any chance, and so I bought $60 Audit Defense.
I will try the suggestions to fix M1 problem
Scorp revenues are less than $250000 but TurboTax will not allow the schedule M1 to be deleted I do not want to file the M1. Help.
If your revenues AND assets are less than $250,000 you do not have to report your M-1 unless you received notice of a forgiven PPP loan in 2021.
Hi @Peppelarson
Thank you for the guide. I saw in another post saying we need to add the PPP forgiveness amount in both "Other permanent income items", and "Other permanent expense items" of the Schedule M-1 WKS. I'm wondering if we need to write the values in the expense items?
I also found there's a 16C item comes with adding the PPP forgiveness in the expense items. Which is a duplicate of 16B.
Peppelarson's workaround worked for me. It worked in the order they presented, and we were able to clear the error and get our Fed. 1120S filed electronically. Thanks P.L.!
TT, please patch this glitch. 😉
This worked. Thank you
Based the suggested steps, it worked well.
THANK YOU! I also have an S-Corp and had the same issue, it was driving me crazy. Your solution worked.
Many thanks!
Jeff
This action to place zero into the in state interest on M-1 didn't work. Will try the other work around.
Peppelarson is brilliant! Worked in the steps listed and I was cleared to efile, no errors and no alteration of my expected taxable income figure! Thanks a ton!!
TurboTax - you need to fix this problem - it's been since February that you knew of the error.
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