Expired student loan forgiveness tax exemption could leave up to 3 million borrowers with surprise IRS bills near $12,000, study warns

A study warns that student loan forgiveness is a potential tax liability again, as a tax exemption for forgiven student loans has expired, meaning borrowers could face a large, surprise bill from the IRS. As many as 3 million borrowers may owe taxes near $12,000, with the extra income reported on IRS forms potentially doubling or tripling tax bills for millions pursuing income-driven repayment forgiveness.

Detected & updated continuously · Source: Nebula