Got PPP loans in 2021

[confusedabouttaxes23]

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

[PatriciaV]

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]

[confusedabouttaxes23]

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]

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.

[confusedabouttaxes23]

For direct forgivness letter does have both. But my other lender has principal but their statement lists interest and principal. So which one? Also for question 1 do I select when 3.01 1 2 or 3 since I got loan 1 year but forgivness the next year

[RobertB4444]

@confusedabouttaxes23  You did not have a PPP loan that was forgiven in 2021.  Answer 'no'.