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    When a Veteran starts considering whether or not to file a VA Disability Claim, there are a lot of questions that he or she tends to ask. Over the last 10 years, the following are the 14 most common basic questions I am asked about ...
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  • Can a 100 percent Disabled Veteran Work and Earn an Income?

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    You’ve just been rated 100% disabled by the Veterans Affairs. After the excitement of finally having the rating you deserve wears off, you start asking questions. One of the first questions that you might ask is this: It’s a legitimate question – rare is the Veteran that finds themselves sitting on the couch eating bon-bons … Continue reading

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Henrici

Awarded TDIU Applied for student loan forgiveness

Question

A question for anyone who knows: I have read that there is no longer a tax burden when your student loan is forgiven (the old tax code counts it as taxable income). It seems, however, that does not apply to vets who had loans forgiven prior to a certain date. Has anyone any information on this? Thanks.

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1 hour ago, Henrici said:

A question for anyone who knows: I have read that there is no longer a tax burden when your student loan is forgiven (the old tax code counts it as taxable income). It seems, however, that does not apply to vets who had loans forgiven prior to a certain date. Has anyone any information on this? Thanks.

Try this website:  

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation

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Thanks for the link, however, I already know I can have the loans forgiven and am in the process of doing so. I'm just trying to find out the tax implications and according to this link   https://www.studentdebtrelief.us/news/discharging-student-loans-no-longer-taxable-income  I should be exempt. 

I'm not a Trump supporter but  will give him credit for this one if it pans out.

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42 minutes ago, Henrici said:

Thanks for the link, however, I already know I can have the loans forgiven and am in the process of doing so. I'm just trying to find out the tax implications and according to this link   https://www.studentdebtrelief.us/news/discharging-student-loans-no-longer-taxable-income  I should be exempt. 

I'm not a Trump supporter but  will give him credit for this one if it pans out.

Recent changes in the tax law would benefit disabled veterans whose loans are discharged under the new initiative. A provision in the new tax code waives federal income taxes on forgiven education debt for permanently disabled people. 

Historically, the IRS considered such cancelled debt as taxable income. For example, in 2017 the Lansing State Journal told the story of a veteran who had his $223,000 in student loan debt erased — only to receive a tax bill for around $63,000

Go to the IRS website to verify the current changes and if they’re applied.

I think you’re “Golden” if you’re a discharge recipient.  I think the newly apply tax laws will benefit you, too.  

Edited by MPsgt

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