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Level 2
January 18, 2022
Question

PPP Tax-Exempt Income Statement

  • January 18, 2022
  • 1 reply
  • 8 views

"NOTE: The forgiveness of a PPP Loan creates tax-exempt income. Although the taxpayer doesn't need to report the income from the forgiveness of a PPP Loan on Form 1040 or 1040-SR, it is required to attach a PPP Loan forgiveness statement to the tax return for both 2020 and 2021 loan forgiveness. The input for this required statement is located in the Miscellaneous Information input screen."

I can't find it in Miscellaneous Information, anyone have any ideas?

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1 reply

George4Tacks
Level 15
January 18, 2022
dechAuthor
Level 2
February 2, 2022

Thanks, it took them a few days to update the module.