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M
Mark_H
Level 2
February 10, 2021
Question

Forgiven PPP Loan for Self Employed Sole Proprietor?

  • February 10, 2021
  • 2 replies
  • 17 views

Client is a self-employed (sole proprietor) consultant who received a PPP loan for his lost income. The loan was forgiven. My understanding is that forgiven loan is not taxable, but I'm also assuming that it needs to be reported. Where would I input this PPP loan/forgiveness information?

Thanks,

Mark

This topic has been closed for replies.

2 replies

TAXOH
TAXOH
Level 10
February 10, 2021

You don't need to report it.

    G
    genius
    Level 3
    February 12, 2021

    Since PPP Forgiveness is FULLY TAXABLE in some states...The question remains open...How do you report it in ProSeries?

    IRonMaN
    IRonMaN
    Level 15
    February 10, 2021

    No place - other than maybe his state return 

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