The new rules have your student loan forgiven with no tax implications through 2025. You will need to report it, since you received the form and then subtract the income back out. The program and worksheets are just that, we need your actual tax return to be correct. Follow these steps:
Step 1:
Report the NEC
- Open your return to the federal income section
- Enter the 1099-NEC into the program
- describe the reason, continue
- Uncommon situations, select from sporadic activity or hobby to get this reported correctly on the tax forms, continue
Step 2:
Subtract the income from your return
- scroll down to Less Common Income
- select Miscellaneous Income, 1099-A, 109-C, start
- select Other reportable income
- Other taxable income, select Yes
- Enter description, student loan forgiveness
- Enter amount as negative , use the minus sign in front of the dollar value
- continue
See Topic 431 @IveBeenDupedByTurb0t4x
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