I'm confused. The NC-K1 I got from our accountant has the loan forgiveness amount on Line 2 Additions to income. But I see no way to enter this in TT.
This NC.gov site seems to say this amount is taxable:
https://www.ncdor.gov/taxes-forms/individual-income-tax/paycheck-protection-program
We are an PLLC filing as an S-corp, so this example would seem to apply, wouldn't it?:
"Example 5: Taxpayer is a shareholder of an S-Corporation. The S-Corporation receives a PPP loan and uses the loan to pay employee wages and business office rent. The PPP loan is subsequently forgiven. The S-Corporation does not include the PPP loan forgiveness in federal taxable income. The S-Corporation is allowed to deduct the business expenses paid using the forgiven PPP loan proceeds (employee wages and office rent) on its federal return. On its N.C. return, the S-Corporation is not required to make an addition for the amount of the PPP loan forgiveness. The S-Corporation is required to make an addition on its N.C. return for the amount of the business expenses deducted on the federal return that were paid with the PPP loan proceeds. This addition is included on Schedule I, line 1 of Form CD-401S (S-Corporation Tax Return). Taxpayer then uses the K-1 issued by the S-Corporation to file their N.C. tax return."
