If you are correctly reporting amounts from forgiveness of a PPP loan to your business you will have information on line 16b. There must also be an accidental entry for tax-exempt interest income under Investment Income.
To check this amount please:
- Under the Federal Taxes tab in TurboTax Business, click Update next to Interest and dividend income under "Investment Income".
- Click Continue past the Enter Taxable Interest Income page.
- Click Continue past the U.S. Obligation Interest income page,
- Clear any amounts that may be in the boxes on the Tax-Exempt Interest page and click Continue.
If there are amounts that are supposed to be under Tax-Exempt Interest as they were reported to the business, then you will need to choose to "complete my balance sheet" under the balance sheet section.
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