Student Loan Forgiveness? It’s Taxable in Some States (Podcast)

An estimated 43 million Americans qualifying for the Biden administration’s student loan debt forgiveness program won’t have to account for the $10,000 benefit on their federal 1040 tax returns next year, but they could face a very different reality when they file their state returns.

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The federal government and most states are waiving taxes on the cancellation of debt program. According to one analysis, roughly seven states—Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, and ...