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Level 2
March 12, 2021
Question

Where do you enter the amounts that the SBA paid for your loan for the 5 months? They are not taxable to the Federal but they are for the State.

  • March 12, 2021
  • 1 reply
  • 10 views
The state I'm referring to is MN.
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1 reply

Level 15
March 12, 2021

What loan?

What provision makes it not taxable for Federal?

sjrcpa
Level 15
March 12, 2021

If you had an SBA 7a loan, the SBA paid 6 months of principal & interest for you pursuant to the CARES Act. The December legislation decreed this was not taxable income at the federal level.

The more I know the more I don’t know.
Level 15
March 12, 2021

If that is what it is for, it goes on Line 24 of Form M1NC.