3178722
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

My student loans were forgiven, should I expect to get a tax form?

Is the amount forgiven considered taxable income?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
TomK2023
Expert Alumni

My student loans were forgiven, should I expect to get a tax form?

Maybe.  Did you receive a 1099-C  (Cancellation of Debt) in 2023?

 

Amounts that meet the requirements for any of the following exceptions aren't cancellation of debt income [not taxable]

 

EXCEPTIONS to cancellation of debt income:

  1. Amounts canceled as gifts, bequests, devises, or inheritances
  2. Certain qualified student loans containing loan provisions for cancellation based on length of employment in certain professions for a broad class of employers
  3. Certain student loan discharges after December 31, 2020, and before January 1, 2026
  4. Amounts received or forgiven under certain student loan repayment assistance programs
  5. Amounts of canceled debt that would be deductible if you, as a cash basis taxpayer, had paid it
  6. A qualified purchase price reduction given by the seller of property to the buyer

 

IRS Topic no. 431, Canceled debt – Is it taxable or not?

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

My student loans were forgiven, should I expect to get a tax form?

I have not received a 1099-C, I wasn't sure if I would. Haven't had much luck in finding out much information from the Biden loan cancellations. We have held off filing our returns because we don't want to have to do an amendment if a 1099-C showed up after the fact.

MarilynG1
Expert Alumni

My student loans were forgiven, should I expect to get a tax form?

If it was a forgiven student loan under the American Rescue Plan Act (ARPA),  then it will be exempt from the federal income tax but might be taxable in certain states.   If you do receive a 1099-C, you can keep it with your tax files, but don't need to enter it in your return. 

 

You should contact your loan servicer for more information. 

 

Here's more info on Student Loan Forgiveness and States Taxing Loan Forgiveness. 

 

[Edited 2/11/2024 | 7:46 pm]

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question