My student loan was forgiven 8/2/2022. How is that going to impact my 2022 taxes and how is it entered on my return?

Forum|Forum|3 years ago
February 6, 2023
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Cynthiad66

It depends. Clarifying information will be needed in order to specifically address your situation. However, loan forgiveness means you no longer need to repay some or all of your outstanding loan balance. You can qualify for loan forgiveness if you meet specific eligibility criteria and follow all the rules set out in government loan plans like the Public Service Loan Forgiveness or the Teacher Loan Forgiveness programs.

Please use this link for more info. Forgiven Student Loans

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mylitAuthor

Like I said in the previous message, my student loan was forgiven in August of last year and all I need to know now is if it is going to be taxed in any way? Also, I would like to know will I receive any type of formal form, saying that it was forgiven, and that I owe tax on that amount

DoninGA

Employee

@mylit wrote:

Like I said in the previous message, my student loan was forgiven in August of last year and all I need to know now is if it is going to be taxed in any way? Also, I would like to know will I receive any type of formal form, saying that it was forgiven, and that I owe tax on that amount

A student loan is a personal loan and is nor reported on a tax return. You only report the student loan interest payment paid in the tax year, if any.