Yes, here is an explanation from the on-demand tax guidance in turbo Tax regarding form 4197.
- Reporting Requirements - For taxable years beginning on or after January 1, 2021, taxpayers who benefited from the exclusion from gross income for the PPP loans forgiveness, other loan forgiveness, or the EIDL advance grant and related eligible expense deductions under the federal CARES Act, Paycheck Protection Program and Health Care Enhancement Act, Paycheck Protection Program Flexibility Act of 2020, or the CAA, 2021, should file form FTB 4197, Information on Tax Expenditure Items, as part of Franchise Tax Board's (FTB) annual reporting requirement.
Note: For taxpayers that benefited only from the PPP, other loan forgiveness, or EIDL program, complete only Part I, column (a); do not complete the rest of the form.
If you personally benefitted from this in the matter prescribed above, then you need to include the 4197 in your California State return. Here is the direct method of accessing that form in your program.
- If using the desktop software program, go to the forms mode in your Turbo Tax program
- Go to California Individual in the forms menu section in the the left pane of your program
- Select open form at the top
- Select the plus sign for California
- Scroll down to form 4197, select it to add.
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