I am so sorry... I feel that I might not understand this instruction (below). My forgiven PPP loan was used for my payroll 100%, so line2 of M2 includes PPP loan expenses that used for my payroll. So I entered $10,800 on line3 col (a) as well. If I don't enter $10,800 on line3 col (a), my stock basis amount is not consistent with the total of line8 col(a) and line 8 col(d) on M2. My stock basis is bigger by $10,800. My understanding is that my stock basis should equal to the total of line8 col(a) and (d) on M2. Am I not understanding correctly?
I am almost ready to file except this part... I should probably wait for Turbotax to be updated with this M2 instruction changes??
If column (a) on line 2 or line 4 of the Schedule M-2 includes expenses paid with proceeds from forgiven PPP loans, an S corporation should report that amount in column (a) on line 3 and in column (d) on line 5 of the Schedule M-2.
@AliciaP1 @JillS56 @JamesG1
