Indiana will tax student debt relief as income, reflecting similar policies in other U.S. states following the Biden administration’s announcement of a forgiveness plan last month.
The Indiana Department of Revenue confirmed in an email to the Associated Press Tuesday that residents are required to list their forgiven loans as taxable income per Indiana law.
More than 40 million Americans could see their student loan debt cut or eliminated under President Joe Biden’s plan, which is erasing $10,000 in federal student loan debt for individuals with incomes below $125,000 a year, or households that earn less than $250,000.
Indiana will tax loan forgiveness, similar to other states
- by: Arleigh Rodgers
- 09-06-2022
- Source:
Federal News Network
- 07/20/2023
Graduation. A Success. by Charles DeLoye is licensed under Unsplash unsplash.com
Graduation. A Success. by Charles DeLoye is licensed under Unsplash unsplash.com
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