These 7 states have tax policies on the books that could result in your canceled student loans being taxed as income: North Carolina, Indiana, Mississippi, Arkansas, Minnesota, Wisconsin, California. Here's what to know.
tax debt relief or still have policies that could require it, barring a change in state law.Like most states, North Carolina conforms to federal tax law. What's interesting here is that the state decided, in spite of Congress, to tax student debt relief.
But most states have updated their policies, Walczak says. Minnesota and a handful of other states,"because of the quirks of their tax codes, have not. That is something they could potentially fix." "It hasn't updated it since then," says Brooks at Fordham University,"which is not to say that they don't want to. It just doesn't seem to be an immediate priority right now in their legislative calendar." Brooks says that's in part because the federal debt relief action is still brand new.
Secret decoder ring: That section of the tax code refers to debts discharged through income-based repayment plans. And, says Walczak,"I can't imagine any scenario in which [debt under the Biden plan] would be forgiven under those sections."
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