I must be doing something wrong. I put all my info in TT and everything balanced. I went to M1 worksheet to put in the amount of the forgiven loan under "other permanent income items" in the book column as a positive number. When you go to the bottom of worksheet, it shows computed net income to be greater by the forgiven loan amount. Everything is out of balance now. Income reconciliation, balance sheet and retained earnings are now out of balance by the loan amount. I'm not a CPA or a tax accountant. What do I do with this?
