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Business & farm
Whether it's a tax free completely forgiven PPP loan or a tax free EIDL grant, at the Federal level it has to be entered into TurboTax to get the Balance Sheet to be correct. As a non-taxable event it doesn't affect the income side of things but it does affect the Balance Sheet. That's why an entry on Schedule K, line 16 b) is needed.
March 2, 2021
5:36 PM