Forgiveness of a PPP Loan is part of the intro questions to TurboTax Business. Did my company receive PPP loan forgiveness. Well - what year do you want? This year?

Forum|Forum|1 year ago
March 11, 2025
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The software is not clear at all. What year, Turbo tax? I did not get one this year. So do I say 'no'? Or 'yes', since I got it year's back. Be clear in your question or at least in the instructions. OK - can someone answer this?

Vanessa A

If you received a PPP Loan at all you can answer yes. The following questions will then determine if it has anything to do with your current tax year such as do you still need to pay it back or apply for loan forgiveness or is it taxable income.

If you 100% know it is not relevant to your taxes this year, you can answer no.

IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

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pflipperAuthor

The main issue here is that Intuit's instructions are not clear enough. Receiving a loan forgiveness years ago, it would make gobs of sense for Intuit to clarify on PPP loan forgiveness - this year or ever? - in order to provide users with clear information on something that is done one time a year.