Level 3

Question

Can and how to input PPP loan forgiveness into Lacerte?

Forum|Forum|5 years ago
January 20, 2021
3 replies
22 views

how to input PPP loan forgiveness

Lacerte Tax

This topic has been closed for replies.

sjrcpa

Level 15

What type of return are you preparing?

The more I know the more I don’t know.

B

bill16Author

Level 3

1120 S

Txs

sjrcpa

Level 15

M-1 Income on books not on return. It goes in OAA on M-2.

The more I know the more I don’t know.

D

DLP

Level 2

Lacerte added an input field on screen 31 for PPP loan forgiven, but it's an override field. It also doesn't appear to be calculating currently either to OAA, basis schedule or M-1. Anybody seen a non-override field?

J

JohnCPACFP

Level 3

They added a field in Income (Screen 13) for the PPP loan. However, it doesn't work at all and doesn't show up anywhere. Entering it on M-1, as Other Tax-exempt Income, will carry it to Book Income, OAA, and Basis where it should be found.

A

accoun5

Level 5

So far, California treats the $1K EIDG grant as taxable income for California. Is there an input field in Lacerte to input taxable EIDG grant for California? In the Screen 16 for individual module Schedule C, I only see an input field to enter expenses paid with PPP loan. Nothing about the EIDG grant.

J

JohnCPACFP

Level 3

There is a place for PPP forgiveness in the 1120S and 1065, but not Schedule C (yet). The line for PPP forgiveness should include EIDL grants and loans, since they all the same for tax purposes, but it doesn't mention either one. There is suppose to be a line for nonconforming states, but it hasn't been implemented yet. Expenses paid with PPP money is a moot point after the 12/27 bill and should not be a factor anywhere.

A

accoun5

Level 5

Thanks-I appreciate it.

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