I'm sorry but you have misunderstood the question.
I had 2 SBA Express Loans prior to COVID that were correctly identified as other liabilities.
in the CARES Act of 2020 SBA was directed to provide Debt relief in the form of making payments on my behalf for 6 months to those loans.
Congress has instructed that the debt relief payment is not taxable income as I am aware.
I have created an account in quickbooks to account for these payments on my behalf. I named this account "Non-Taxable income - 2020" it is currently "unassigned " in tax-line mapping.
I have started to do my taxes with TurboTax Business 2020 all updates applied.
I get to the federal taxes screen and am Importing my Quickbooks data.
I am being asked on the "Tell Us What these are For" screen what account "Nontaxable income - 2020" account is for.
I tried telling it not to import that account but further into the return the balance sheet is out of balance by the amount of that account.
So My question remains how to I account for the SBA "Giving" me this money to pay down my SBA Loans?
Thank you for your assistance.
