Will Turbotax handle forgiven PPP loan?

[confusedabouttaxes23]

Does the forgiveness total include the interest paid by the sba or just the principal amount?

[gfurtado]

Just the forgiveness amount.

[confusedabouttaxes23]

@gfurtado 

Thank! For ca if you got ppp after March 31 and it was forgiven in 2022 does it get reported as Cod in 2022 or 2021 because website says ftb is not following federal for pppea

[gfurtado]

You can report it on you r2021 taxes

[confusedabouttaxes23]

@GeorgeM777 

There is an error in your sample starment. The instructions for 1040 says amount and for what taxable year 2020 or 2021. Your example does not provide which year for the question that says amount. This is wrong! 

[MPREISS]

Using version Turbotax 2021  "Business" not Home & Business, when I click Wages & Income, I cannot scroll down and find Less Common Income section.  It doesn't appear.

My issue:  In Turbotax Business 2021 - how do I report the PPP Loan forgiveness so that Schedule K and Schedule M-1 (and possibly other schedules) are in agreement with no differences.  I prefer to work in forms mode.

[Vince L 305]

Everything is fine and reconciles on my M1 and M2, Line 16b on schedule K includes the forgiven amount.  My problem is that Turbo Tax does not reduce the K1 line 1 for the shareholders proportional share of the Non-Taxable Income.  I am doing this on the 2020 business software.