California to Tax Biden’s Student Loan Forgiveness
President Biden’s announcement in August of up to $20,000 in broad federal student debt forgiveness likely came as a relief for millions of eligible borrowers, but it also brought with it plenty of questions. Fortunately, the White House later issued a press relief that answered many of these queries, including confirming that this debt relief won’t be subject to the federal income tax. However, whether or not it will be considered income for state income tax purposes is still less certain. Student Debt Relief & Income Taxes Generally speaking, any taxable amount…
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