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Business & farm
There still seems to be a problem with the 1120S software. If you had an income of, say, $100,000 and had deductions of, say, $60,000 then your taxable income on Schedule K would be $40,000. If you received a tax free EIDL grant of, say, $2,000 then your total income would be $102,000 but your taxable income should remain $60,000. Unfortunately what I see is that even if you enter the $2,000 EIDL grant as advised in this discussion thread on Schedule K line 16(b), the taxable income on Schedule K (and the K-1s) remains $62,000 when it should be $60,000.
It sure seems to me that if that if Schedule K line 1) is $62,000 and line 16(b) is $2,000, then line 18) should be $60,000
As a result, no matter how many ways I try to enter the EIDL, either the Balance Sheet or the M-2 is out of balance...