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G
glorian
Level 2
April 22, 2024
Question

If a client received a reimbursement for a student loan forgiveness, is it taxable?

  • April 22, 2024
  • 1 reply
  • 8 views

The client did not receive a 1099-C nor a letter, is the amount taxable?

    This topic has been closed for replies.

    1 reply

    IRonMaN
    IRonMaN
    Level 15
    April 22, 2024

    Maybe.  Maybe not.  You need to do a little homework on who and why the reimbursement came through.

    Slava Ukraini!
    G
    glorianAuthor
    Level 2
    April 22, 2024

    They did not receive a letter just the check from the IRS. There is a 1-800 number could I call or would the client need to call? 

    IRonMaN
    IRonMaN
    Level 15
    April 22, 2024

    The IRS doesn't tend to be in the student loan forgiveness business and loans aren't typically forgiven by someone receiving a check for the money they owed.  I think you have some homework to do to figure out exactly what you are dealing with.

    Slava Ukraini!
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