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L
ljeancpa
Level 2
February 15, 2025
Question

1099-c student loan

  • February 15, 2025
  • 1 reply
  • 6 views

Received 1099-C for student loans. Do those loans automatically qualify for the student loan forgiveness?

I entered the 1099-C normally and as usual it is taxable for federal income tax; however, if the loans are forgiven are they taxable?  If they are not taxable, how and where do we enter the 1099-C.

Thanks

 

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    1 reply

    rbynaker
    rbynaker
    Level 13
    February 15, 2025

    Devil's in the details but probably Section 108(f)(5) is relevant.  I doubt you'll have enough info from just a 1099-C to see if the conditions are met but that should get you started down the rabbit hole.

    Rick

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