My PPP loan was forgiven in 2021 and it was reported on my S-corp 2021 return. Turbo Tax is asking the same question again on 2022 return. And the question is very vague, it doesn't say any year specifically.
I haven't received any new loan in 2022. So should I say "No" to this question? Please see the screenshot below.
Thanks
Based on the screenshot you provided and you stated your PPP loan was forgiven in 2021, you should say "no" to this question. Unless a specific year is stated, TurboTax is referring to the current tax year when a question is asked. So in this case, they are asking about 2022. For more help, I advise you to click the "Explain this" link while you are on the input screen in the program.
@PatriciaV Can I assume that the above question is specific to 2022?
Yes ... all questions on the 2022 return are pertaining to things that happened in 2022.
Based on the screenshot you provided and you stated your PPP loan was forgiven in 2021, you should say "no" to this question. Unless a specific year is stated, TurboTax is referring to the current tax year when a question is asked. So in this case, they are asking about 2022. For more help, I advise you to click the "Explain this" link while you are on the input screen in the program.
Thanks @SantinoD @Critter-3 .
I did click on the "Explain This" link, but it was also talking about PPP loan & forgiveness in general. Didn't give me any time frame.
Yes, this question is VERY poorly worded and the explain this adds no clarity.
The question states, Did (corp) apply for, or receive, forgiveness for a Paycheck Protection Program (PPP) loan?
The question does not state a specific year. Because of that, the "correct" answer should be yes, even if the loan was previously forgiven.
That said, Intuit is horrible at explaining things and writing questions and it appears you should answer no, even if your loan was previously forgiven as they are apparently only talking about 2022 even though they don't mention that anywhere!!!
Intuit is awful.