American Rescue Plan 1099-c and New York

[dbgrdpg075]

My loans were forgiven by the rescue plan for 2024, and it says not taxable income in the letter. I contacted my loan provider and they said they only send a 1099-c out on taxable income.  Mine wasn't so none would be sent. Would I need this form for federal and state? In New York they did pass legislation in 2024 that did say student loan forgiveness was not taxable income, but an expert may have a definitive answer? I was asking if NY considers it taxable income or not for the past year's taxes?  So would I need the 1099- c and 982 for federal and state?

[SusanY1 · Accepted solution]

Since New York state conforms with the tax-free status of the forgiveness of student loan debt when it is forgive before Dec 31, 2025  you do not need to report this loan forgiveness on your taxes at all.  

 

[dbgrdpg075]

Just to double check I would not need the forms then?

[MindyB]

That is correct.  As @SusanY1 mentioned, you do not need to report this on your taxes at all.  You should save the form and letter with your personal records.