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Level 1
posted Mar 15, 2021 9:29:28 AM

Which categories should be used for PPP accounts in 1120S filing?

In my QuickBooks, I have two accounts to handle the PPP loan:

1. PPP (loan).

2. PPP Loan Forgiveness (payment for the loan)

 

When I use Turbotax Business to import QB data, it asks to choose which category they are for:

 
 

 

Could anyone offer a tip on this?

0 1 387
1 Best answer
Expert Alumni
Mar 15, 2021 12:28:43 PM

Income on the books not on return would be the correct response for the PPP income. 

1 Replies
Expert Alumni
Mar 15, 2021 12:28:43 PM

Income on the books not on return would be the correct response for the PPP income.