Are you are reporting the forgiven PPP loan as non-taxable interest? What form are you filing?
In TurboTax Business for an 1120S:
- Under Your Income, Investment Income, click Start / Update to the right of Interest and dividend income?
- At the screen, Tax-Exempt Interest, enter the forgiven PPP loan.
- The K-1 and M1 / M2 calculations should report correctly.
In TurboTax Business for a 1065:
- Under Your Income, Investment Income, click Start / Update to the right of Interest and dividend income?
- At the screen, Tax-Exempt Interest, enter the forgiven PPP loan.
- The K-1 and M1 / M2 calculations should report correctly.
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