CHARLOTTE – Hey Tax Payer. The Student Loan Cancelation is a hot button topic.
So, Let’s Get To It…
The New round of Student Loan conversations has prompted a lot of questions that need to be addressed concerning personal taxes. This is the number one tax question my office has received recent months: Will I need to pay taxes on Student Loan Cancellation? The answer is No and Yes!
No: The federal government has determined that the Student Loan Cancelation WILL NOT be taxed on your form 1040. This is good news for millions of Americans who are still in need of desperate assistance during the continued recovery phase of financial hardship due to COVID 19.
Yes: According to the Tax Foundation, possible taxes will be levied at the state level from: Arkansas -Possibly Taxable, California – Possibly Taxable, Indiana – Taxable, Mississippi – Taxable, North Carolina – Taxable, and Wisconsin – Possibly Taxable
Gov Cooper of North Carolina, requests from the NC General Assembly to handle the Student Loan Forgiveness the way they’ve handled the PPP Loan Forgiveness.
For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at maysconcepts@gmail.com, or visit/like our Facebook page https://www.facebook.com/MaysCon
Remember, You Can Count On me!
*Source: https://www.cnbc.com/2022/09/08/you-may-owe-taxes-for-federal-student-loan-forgiveness-in-these-states.html
