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Business & farm
Your friend should receive a 1099-G for the unemployment benefits paid to them. You can enter it into TurboTax Online by following these steps:
Open or continue your tax return.
- Search for 1099-G and select the Jump to link at the top of the search results.
- On the Did you receive unemployment or paid family leave benefits in 2021? screen, answer Yes.
- Follow the on-screen instructions to enter your 1099-G information.
The PPP loan does not get reported on a Schedule C. The funds are nontaxable even if the loan is forgiven, while the expenses paid with the funds are still deductible.
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‎February 20, 2022
2:52 PM