Do I have to report my Public Service Loan forgiveness on my Maryland state tax ? Please note that this is very different and separate from the Maryland Student Loan Debt Relief Tax Credit (specific to Maryland only) which one has to pre apply for with the state of Maryland. I do not qualify for this.
My concern is the PSLF that everyone is getting nationwide after serving 10 years in public service and making 120 payments. This discharge is tax free. But do I need to report this to the state of Maryland and if so, how do I go about it? There is nothing on my tax return that applies to it. The only thing that comes close, is the discharge for those who are completely disable or have passed away.
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No, this is not taxable income and does not need to be reported on your tax return. Simply do not enter anything on your return regarding this loan.
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