This helps but it does not answer my questions. I am using Turbotax online and not the desktop product if that makes a difference. The prompts ask. Did you have PPP loans in 2020 or 2021 that were forgiven? > I did get the loans in 2021 but they were forgiven in 2022 so do I select yes or no? Is it saying forgiven in 2020 or 2021 or forgiven later on in general? Next prompt says. Fill out the information below about the PPP loan(s) you received and were later forgiven. The options are Treat tax-exempt income resulting from PPP loan forgiveness as received or accured: As, and to the extend, that expenses are paid or incurred. When forgiveness is applied for. When forgiveness is granted. Which option do I choose? My loans were forgiven in 2022 but I paid like everyone else expenses using them in 2021 since that was my covered period. Do I choose the first option here. Which option do I choose? Next question asks. Enter the amount of tex-exempt income from PPP loan forgiveness treated as received/accrued below. Does this include the interest SBA paid for me to my lender for the PPP or only the PPP principal amounts only? Also this is a little confusing. The instructions on 1040 says per loan so do I combine the amount for both loans since they were both forgiven in 2022 and received in 2021 my first and second draw. The 1040 instructions says each statement per loan. But the Turbotax prompts only once for each year so does not give me an option to add more loans. Its wrong in the online version.
