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That means if you received student loan forgiveness last year and live in one of those five states, the relief will count as taxable income when you file your 2023 return.
"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 ...
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...
The states that are considering taxing up to $10,000 in forgiven student loan debt as income, according to a preliminary report from The Tax Foundation, include: Arkansas – $550 Hawaii – $1,100
A proposal to forgive loans Loan with a starting balance of $12,000 and after 10 years is blocked by a preliminary injunction. Under the proposal, one year of payments is required for every additional $1000 originally borrowed, up to a cap of 20 years for undergraduate and 25 years for graduate loans.
This includes $56.7 billion for 793,000 borrowers using the public service loan forgiveness program and waiver, $45.6 billion for 930,500 borrowers under income-driven repayment plans, $11.7 ...
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