topic Re: target EIDL Grant in Self employed

target EIDL Grant

amigas002 — Wed, 27 Oct 2021 20:41:38 GMT

Is the target EIDL grant taxable?

Do you have to report the amount you received on your taxes anywhere?

Thannks

NancyDrew — Wed, 27 Oct 2021 20:53:30 GMT

No. Nothing specific needs to be done regarding your EIDL Grant. It is not taxable income.

If you report your business income on a Schedule C, there is no need to report it at all.

If you report your income from a Schedule K-1, it will already be reported as part of your Schedule K-1 as non-taxable income.

ronaldg11 — Wed, 27 Oct 2021 21:19:29 GMT

Hi Amigas002,

The Consolidated Appropriations Act (CAA) provides that taxable income does not include EIDL grants.

Economic injury disaster loans are not taxable for Federal and the expenses paid with this advance are deductible.

Hope this helps,

Ron G

NancyDrew — Wed, 27 Oct 2021 21:59:20 GMT

Thank you for providing those links, ronaldg11!