2020 1040 Return + PPP Loan Forgiveness

[slsiener]

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!

[ThomasM125]

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.