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Business & farm
Hello —
do you know how to fulfill the reporting requirements for the EIDL grant ($1000) on the tax return for a self employed individual? On Federal and California level? And how to enter it all as non-taxable income in turbo tax?
got my grant in 2020. did not report in on 2020 tax returns bc I did not see any prompts to do so.
after spending quite some thought on the 2021 return for this, it appears that the federal level is not asking for this input (only PPP) and on CA level, the inputs given do not equate to non-taxable adjustment. This along with othe expert answers lead me to believe that I do not need to report it then. However, the instructions of form 4197 say they want EIDL reported for reporting purposes, which then would Allow me to record that it was taken, but not in which yr and for which amount. I don’t know if this so confusing because in fact I have nothing to record for in 2021, but would like to do so much rather than amend 2020.
can you help?