Hi, I had a PPP loan forgiven in 2021, and that revenue is included in my K1 (prepared by a CPA) under :
Box 1 and 14: : includes the PPP revenue
Box 18B: shows the PPP revenue as tax exempt income.
Despite Box 18b being properly filed, it seems that TT includes the PPP forgiveness in my revenue, and does not take into account the exemption status of PPP.
Should then box 1 include the PPP revenue ? Not including it under box 1 (and 14) should be the only way not to pay taxes on it through TT, but I am surprised as it would imply our CPA prepared the K1 incorrectly. Thank you so much for your help.
