THE UNFORGIVEN: STUDENT LOAN DEBT
August 7, 2022 -Durt Fibo

As of today, the states which have decided to –or are in the process of likely deciding to– tax forgiven student loan debt as income are: Arkansas, Hawaii, Idaho, Indiana, Kentucky, Massachusetts, Minnesota, Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia and Wisconsin. Any such tax would be based on state residence.

The above listed states, and others, will have their tax plans determined by whichever politicians are in office. As a rule, the IRS considers all forgiven debt as taxable income, but for this particular program, individual states can set their own state tax policy.

Midterm elections for politicians, from the lowest up to the highest, ruling your lives are November 8.