PPP Loan Forgiven amount is "Nontaxable income". However, while importing from QuickBooks, TurboTax Business questions this amount with a drop-down menu with the most logical option to select "Other Income". However, TurboTax adds this amount to Net Income and makes you pay taxes on this.
How can we have TurboTax correct this QuickBooks import as "Nontaxable income" and fill in Schedule M-1 with adjusted Line 1 and Line 5 (w/ PPP Loan Forgiven amount)? And NOT put it in 1120S Line 5 on total other income?
