Those College Kids Celebrating Student Loan Forgiveness May Be in for Nasty Tax Bill on April 15 in 7 States
Americans who thought student loan forgiveness was a tax-free windfall might have to think again, depending upon where they live. The American Rescue Plan ensures that no federal tax liability accrues for any loan forgiveness between 2021 and 2025. The same is not true of all states, or of counties that have an income tax,…