Hello,
I was shocked to find out discover student loans had been forgiven back in October without any real reason. But I received a stack of 1099-C forms for each forgiven loan. Under the American rescue act I live in a state that doesn’t require taxes to be paid on forgiven loans.
When filing my taxes, do I just not apply those forms? What do I need to do? I certainly cannot afford the tax bomb this will give me if I have to pay any taxes on a $150,000 loan.
Thanks!
