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C
cpapeter
Level 1
April 6, 2021
Question

Pp loan forgiven is being added back back to NJ S k-1 as income. is this correct?

  • April 6, 2021
  • 2 replies
  • 14 views
The loan is fully forgiven and entered on the federal tax return. It appears as additional shareholder income in the NJ k-1 sub chapter S tax return
This topic has been closed for replies.

2 replies

sjrcpa
sjrcpa
Level 15
April 6, 2021

And?

The more I know the more I don’t know.
G
goshen9882Intuit Community Champion
Intuit Community Champion
April 7, 2021

You ask if this is correct.  The answer is "no" based on the following:

https://www.state.nj.us/treasury/news/2021/02092021.shtml

 

    sjrcpa
    sjrcpa
    Level 15
    April 7, 2021

    Good mind reading.

    EDIT: I see OP added the question. It wasn't there when I first looked at this.

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