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Level 1
posted Feb 24, 2021 7:39:26 PM

How do I add tax-exempt income in 1120-S?

I'm trying to add my PPP loan forgiveness but can't find out exactly how and where to do it.  Where do I go/what steps do I do to make changes to Schedules M-1 and M-2?  Thank you!

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1 Best answer
Level 15
Feb 24, 2021 8:33:12 PM

You might find it easier to make changes in Forms Mode.

 

Open your 1120-S (p3-5) and scroll down to the M-1 section (and the M-2 below that). You will find several QuickZoom buttons to worksheets.

2 Replies
Level 15
Feb 24, 2021 8:33:12 PM

You might find it easier to make changes in Forms Mode.

 

Open your 1120-S (p3-5) and scroll down to the M-1 section (and the M-2 below that). You will find several QuickZoom buttons to worksheets.

Level 1
Feb 24, 2021 8:50:50 PM

Thank you, that worked and helped!