Got PPP loans in 2021

Forum|Forum|4 years ago
March 24, 2022
1 reply
18 views

2021-48 prompts says to enter amount but which amount do I include? The loan amount or loan plus interest paid by the SBA?

TurboTax Self Employed Online

PatriciaV

Level 15

It depends. If you are entering the amount of your loan application, enter only the amount you requested. If you are entering the amount that was forgiven, enter the total with interest.

[Edited 3/24/2022 | 7:13 AM PST]

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

confusedabouttaxes23Author

Level 4

In 1040 instructions page 23 it says 3. The amount of tax-exempt income from forgiveness of the PPP Loan that you are treating as received or accrued and for what taxable year (2020 or 2021); So you are saying they want both the interest that was paid by the SBA and the loan amount paid by SBA for my forgivness added together?

ZoltanB45

Level 9

Entering the principal loan amount that was forgiven would be sufficient there. I don't believe they send you the breakdown of interest accruing prior to forgiving the loan anyway.