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OUT OF MIND » THE INSANITY OF REALITY » GOVERNMENTS & THE NEW WORLD ORDER » These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans

These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans

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PurpleSkyz

PurpleSkyz
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These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans. How to know if your debt cancellation will trigger a bill


Published Fri, Aug 26 20222:33 PM EDTUpdated Fri, Aug 26 20222:34 PM EDT
These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans 106873908-1619458433850-Kate-Dore
Kate Dore, CFP®@katedore



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Key Points

  • President Joe Biden’s student loan forgiveness plan is tax-free on federal returns, but may trigger state tax liability.

  • This may affect borrowers in more than a dozen states, according to a preliminary Tax Foundation analysis.

  • “There are a patchwork of approaches,” said Jared Walczak, vice president of state projects at the Tax Foundation.


These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans 106389788-1581613944163gettyimages-507804904

CONTINUE HERE: https://www.cnbc.com/2022/08/26/13-states-may-hit-borrowers-with-state-tax-liability-on-forgiven-student-loans.html


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