Surprise Tax Hit May Await Some With Student Loans Wiped Away.

BIDEN, Joe, 1942-; TAXATION; STUDENT loans; LOANS; AMERICAN Rescue Plan Act of 2021 (U.S.); TAX incidence; FISCAL policy; STUDENT loan debt

It's possible that some of the 13 states where the laws would tax these forgiven student loans will revise their rules before the taxes are due next spring. Walczak said that states will need to act with "some urgency" if they want to make changes to how their tax laws treat student loans in light of Biden's changes. Keywords: ALLTOP; BUSINESS; EXE; GEN; GOV; MARKETS; NORTHAM; TOP; US; WORLD; WWTOP; WWTOPAM EN ALLTOP BUSINESS EXE GEN GOV MARKETS NORTHAM TOP US WORLD WWTOP WWTOPAM RH85RKT1UM0Z President Joe Biden's announcement that the government would forgive some student debt for individuals earning less than $125,000 was welcome news to many carrying large loan balances. [Extracted from the article]

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