The Crossroads of Special Operations

Tuesday, April 20, 2021

How to avoid the tax bomb on your student loans | The Simple Dollar

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Loan forgiveness for student loans is much awaited with the upcoming transition of president-elect Joe Biden. Regardless of the decision, loan forgiveness will be counted as taxable income. There are a few instances when student loans are tax-free, but it is important to do your research and calculate how much you would owe. IRS also offers options that allow you to either pay off or settle for a lower amount in certain situations. It is still uncertain if loan forgiveness will do happen, but one must continue prioritizing savings and setting aside for any emergency use.

Source: https://www.thesimpledollar.com/financial-wellness/news/how-to-avoid-the-tax-bomb-on-your-student-loans/?utm_source=feedly&utm_medium=webfeeds&utm_campaign=Feed%3A+thesimpledollar+%28The+Simple+Dollar%29

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