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American Rescue Plan 1099-c and New York

Forum|Forum|1 year ago
February 24, 2025
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My loans were forgiven by the rescue plan for 2024, and it says not taxable income in the letter. I contacted my loan provider and they said they only send a 1099-c out on taxable income. Mine wasn't so none would be sent. Would I need this form for federal and state? In New York they did pass legislation in 2024 that did say student loan forgiveness was not taxable income, but an expert may have a definitive answer? I was asking if NY considers it taxable income or not for the past year's taxes? So would I need the 1099- c and 982 for federal and state?

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Best answer by SusanY1

Since New York state conforms with the tax-free status of the forgiveness of student loan debt when it is forgive before Dec 31, 2025 you do not need to report this loan forgiveness on your taxes at all.

SusanY1Answer

Since New York state conforms with the tax-free status of the forgiveness of student loan debt when it is forgive before Dec 31, 2025 you do not need to report this loan forgiveness on your taxes at all.

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dbgrdpg075Author

Just to double check I would not need the forms then?

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MindyB

That is correct. As @SusanY1 mentioned, you do not need to report this on your taxes at all. You should save the form and letter with your personal records.