Will Student Loan Debt Relief be Taxable? 🤔

The federal government will not consider this relief taxable.

However, The North Carolina General Assembly for example, did not adopt Section 108(f)(5) of the IRC for purposes of the state income tax.

That means this forgiveness is taxable in North Carolina.

States like NY, adopted Section 108(f)(5) of the IRC, and forgiveness is not taxable.

Check with you state and a trusted tax professional for more information.

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