After the outcry from students, colleges, and universities at the end of 2017, the final version of the Tax Cuts and Jobs Act preserved the student loan interest tax deduction. Although the tax deduction won’t significantly reduce the overall cost of borrowing, every bit helps.
You may be eligible for educational deductions and tax credits when paying qualified educational expenses – but you’ll have to meet eligibility requirements. This article explains education credits and deductions to help you figure out whether you qualify.
While no longer owing a debt is nice, the 1099-C that accompanies a cancellation can come as an alarming surprise. The good news is that many debtors released from a debt obligation may qualify for an exclusion from gross income or an exception.