You did not answer how to enter the PPP loan amount on one's individual tax form so that carryover losses from previous years can be applied against it.
Example:
Forgiven PPP loan of $75,000 is tax-deductible. Listed on K1 as item 16, items affecting shareholder basis, as Code B, Other tax-exempt income.
Ordinary business loss from K1 is -50,000.
Carryover loss from 2019 is $30,00
How would one apply $25,000 from previous losses?
How does TurboTax know that carryover loss from 2020 into 2021 is now $5,000?
