Tax Tip #177
Ralph Loggia • January 9, 2024
Student Loan Debt Forgiveness
If your student loan debt was forgiven, is it considered taxable income? The rule of thumb is the Internal Revenue Code considers debt forgiveness taxable income. However, the American Rescue Plan Act provided an exception: Student loan debt forgiveness is NOT taxable from 2021 through 2025.
If you are one of the three million or so people to have this debt erased, congratulations.
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