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While you might receive Form 1099-C (Cancellation of Debt) from your lender, you’ll need to report the information even if you don’t. ... You can run your student loan, income and tax details ...
Depending on the state you live in, you may owe taxes on federal student loan relief. ... Typically, borrowers who receive forgiveness get a 1099-C tax form to report to the IRS.
Here’s what the California Franchise Tax Board says: “Forgiveness of student loan debt is generally taxable unless it meets one of the exclusions in California Revenue and Taxation Code ...
One of the hot topics after the Biden administration unveiled its student loan forgiveness plan last week was how canceled debt might impact borrowers' income tax returns. The details are still not...
"Student loans that are forgiven after Dec. 31, 2020, and before Jan. 1, 2026, will not be taxed on a federal return, but for state income tax, there are some exceptions," Kathy Pickering, chief ...
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government and many lenders. If you live in New York, you already ...
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