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Returning Member
posted Apr 7, 2022 2:09:31 PM

2020 1040 Return + PPP Loan Forgiveness

I'm just now filing my 2020 return.  My PPP loan was both received and forgiven in 2020.  I know it is considered tax-exempt income but where do I put this on my return?

 

Thanks so much!

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1 Replies
Expert Alumni
Apr 7, 2022 3:12:16 PM

You would report it on line 16(a) as Other Tax-Exempt Income if you are filing a form 1120-S.

 

It would go on line 18(b) on a Schedule K for form 1065, if you are reporting it on a partnership/LLC tax return. 

 

It would not be reported on your tax return if you are filing as a sole-proprietor on a schedule C.