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Here's how Biden's $39 billion in student loan forgiveness may impact your taxes

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If you're eligible for the Biden administration's $39 billion in student loan forgiveness, here's how it may affect your taxes.

"This includes amounts forgiven under income-driven repayment plans, which previously posed the challenge of being hit with a tax bomb at the end of the payment term," said Ethan Miller, a certified financial planner and founder of Planning for Progress in the Washington, D.C., area who specializes in student loans.for your forgiven balance, depending on where you live.

"Under normal circumstances, anything forgiven is taxable, unless it's specifically excluded," said Lee Reams Sr., an enrolled agent and founder of TaxBuzz.

 

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