Schedule k-1 PPP Loan Forgiveness not being deducted from total income

[Mjhere]

Received a Schedule K-1. Shows Ordinary Income in Box 1 (includes the PPP loan amount). In Box 16 it shows Code B  (Other Tax Exempt Income) and amount of PPP Loan. In TurboTax 2021, the program shows the full Ordinary Income amount from Box 1 of the Schedule K-1 [Schedule 1 1040 - Line 5 to Form 1040 Line 8] and the PPP Loan amount (forgiven tax exempt income) does not appear to be reported anywhere in the return. Is there a place I need to make an entry for Other Deductions to decrease the Ordinary Income amount from the K-1?

[MinhT1]

There is nowhere on your personal tax return to deduct your share of the non taxable PPP loan forgiveness.

Your Schedule K-1 should not include that the share of PPP forgiveness in box 1. You should reach out to have your Schedule K-1 corrected.

[Mjhere]

I posted the original loan and the loan forgiveness as directed by Quickbooks. It is posted as Other Income - PPP Loan Forgiveness and shows on the P/L.  TurboTax Business then generated the Schedule K-1 with the Net Income from the P/L in Box 1 on the Schedule K-1 (includes the PPP loan amount) and the PPP Loan Forgiveness amount in Box 16, Code B, Other Tax Exempt Income on the Schedule K-1.  Why is the tax exempt portion not being deducted from the Ordinary Income in Box 1 when I enter the info Schedule K-1 info into TurboTax Deluxe?  The tax return has already been filed for the S-corp which includes the Schedule K-1.  Seem either Quickbooks or TurboTax has something incorrect. 

[MinhT1]

Please follow the instructions in this TurboTax Help topic to correct the reporting of your PPP loan forgiveness.

You will need to amend your S-corp return (form 1120-S).