topic Got PPP loans in 2021 in After you file

Got PPP loans in 2021

confusedabouttaxes23 — Mon, 09 Mar 2026 07:15:09 GMT

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

Re: Got PPP loans in 2021

PatriciaV — Thu, 24 Mar 2022 14:14:01 GMT

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]

Re: Got PPP loans in 2021

confusedabouttaxes23 — Thu, 24 Mar 2022 15:42:59 GMT

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?

Re: Got PPP loans in 2021

ZoltanB45 — Thu, 24 Mar 2022 19:23:26 GMT

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.

Re: Got PPP loans in 2021

confusedabouttaxes23 — Thu, 24 Mar 2022 20:11:38 GMT

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

Re: Got PPP loans in 2021

RobertB4444 — Thu, 24 Mar 2022 21:37:27 GMT

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