LINK 5 States That Could Tax Your Student-Loan Forgiveness
(It is no surprise to me that they are all republican led states.)
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Arkansas: The state's tax code does not have any details surrounding the treatment of student-loan forgiveness.
Minnesota: The state's tax code does not have a provision excluding student-loan forgiveness from income.
Mississippi: The state relies on the precedent of taxing discharged debt and confirmed Biden's relief is taxable.
Wisconsin: The state's current tax code is in-line to tax loan forgiveness.
North Carolina: The state confirmed in a press release that student-loan forgiveness is taxable. ...
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Feel free to reply to any comment by clicking the "Reply" button.My relatives live in North Carolina. I hope my cousin will be able to pay off all her student loans after graduation.
MartinaPerez
Level 4
Jan 27, 2023
1
Thanks for sharing this information. I guess it might be really exiting for someone to read this. Still, it's important to keep in mind that each case is individual, and your situation might be subject to student loan forgiveness. It's always a good idea to consult with a financial expert to get a clear understanding of your options and any tax implications. By the way, I recently discovered the Mortgage Broker Birmingham webpage and found it really helpful in navigating my own financial journey. I'd recommend checking it out if you're looking for guidance on managing your finances.
I'm happy I don't live there. I think it's unfair and wrong. Students take out student loans to pay them off later depending on the percentage. Why the hell do they still have to ask for a loan forgiveness fee? Every year all tax laws become stricter.
I understand that the financial situation is changing. But our country should think about people with a difficult financial situation. My friend took out a student loan to pay for her studies in NY. She studies a lot, works part-time in two cafes, and saves money to pay the loans. She opens the MBA loan calculator almost every week to calculate how much she has left to repay the debt.
MariamWQ
Level 4
Jan 26, 2023
1
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