Student Loan Forgiveness: Stop the 1099-C
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Did you know a vast majority of student loan debts forgiven under the various governmental student loan forgiveness programs must be reported as taxable income to the IRS through the issuance of a 1099-C a.k.a. Cancellation of Debt? What this simply means is the debt is not truly forgiven. Let's say a student borrower is declared disabled and $100,000 of student loan debt is forgiven. That borrower receives a 1099-C requiring him/her to report the forgiven amount as taxable income and pay the requisite federal and state taxes on that amount. Please sign my petition to end this draconian practice.
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