A “student loan forgiveness tax bomb” happens when your loan balance is forgiven and you must pay taxes on that amount. This primarily affects borrowers on income-driven repayment plans. In this situation, you may face a potentially large tax bill that’s due in full immediately. The best way to prepare for this is to estimate...
The article Should You Worry About a ‘Student Loan Forgiveness Tax Bomb’? originally appeared on NerdWallet.
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