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States That Could Be Taxed Up To $1,100 For Student Loan Cancellation

Here are the 13 states where residents may need to pay taxes up to $1,100 on the forgiven debt: Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia, and Wisconsin.

Canceled debt is generally taxable, so I would like to see these 13 States join in on “decoupling” from this federal provision to make the state tax code it’s own and elevate the Student Loans forgiveness amount being taxed!

This is going to be interesting…
Here are some of my favorite resources that help me keep track of Student Loan Cancellations.

ABOUT THE AUTHOR

Every time I come in contact with someone I want to remind them of just how Power-full they truly are. Literal, #Purse Empowerment! I do this by empowering mostly women (some men) tackle their financial frustrations rather its saving their 1st $10,000, eliminating thousands of dollars in credit card debt, accelerating the process of paying off their student loan debt, boosting their credit scores, purchasing their first homes, converting their 1st homes into investments and even creating a business that will produce even more wealth for them to save, spend, share and invest.