Total Income did not include PPP forgiven amount, all expenses including those paid with PPP were part of deductions, and this same PPP is still reflected on taxes via M1. This worked for me and everything balanced.
On Business TT: 1) when entering Income items, do not include this "Other Income: forgiven PPP loan" ģ) Income/Reconciliation (M1): Enter your P/L's Net Income and other adjustments, as usual, then under #7, I, "Other Income on books not on return"(which is what this is), add in the forgiven PPP loan amount. On P/L statement: forgiven PPP loan is under "Other Income": needs to be recorded in our books as, after all, it did get deposited and was used to pay for expenses. Not an accountant but just gleaned from everything I've read. As everyone has mentioned, 1) forgiven PPP loan is not taxable and 2) expenses paid from it can be deducted. Prices are subject to change without notice. One point equals 1 of the loan amount, so if you paid 2 points on a 100,000 loan, for example, you would have paid 2,000.
Points are prepaid interest you pay them upfront to get a lower interest rate during the period when youre repaying the loan.
Deduct From Your Federal Refund: A 40 Refund Processing Service fee applies to this payment method. If you paid 'points' when you refinanced your mortgage, you may be able to deduct them. 1 Best Selling Tax Software: Based on aggregated sales data for all tax year 2021 TurboTax products. As mentioned previously, income tax brackets, eligibility for certain deductions and credits, and the standard deduction will all see increases in 2021 on account of inflation. Was looking for answer all over the place, as TT doesn't even have a probe question about this. TurboTax Product Support: Customer service and product support hours and options vary by time of year. Most taxpayers filing as head of household will see their standard deduction increase to 18,800.
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