ILLMAS Posted February 17, 2022 Report Posted February 17, 2022 I have a client that had the 1st (2021) and 2nd(2022) loan forgiven, from the research I did it seems nothing has to reported on the 1040 or Sch C, anyone know of something different? Thanks Quote
grandmabee Posted February 17, 2022 Report Posted February 17, 2022 Yes, there is a statement you must attach with certain wording. 2 Quote
ILLMAS Posted February 17, 2022 Author Report Posted February 17, 2022 Thanks, here is the link from the IRS: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf Instructions are on page 23 2 Quote
ILLMAS Posted February 17, 2022 Author Report Posted February 17, 2022 And here is example of the statement: https://ttlc.intuit.com/community/business-taxes/discussion/re-2020-schedule-c-self-employed-how-to-report-ppp-received/01/2478497/highlight/true 2 Quote
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