How does the Public Service Loan Forgiveness program affect my taxes?
An example of an AI chatbot conversation about PSLF and its tax implications.
How does the Public Service Loan Forgiveness program affect my taxes?
The PSLF program itself does not count as taxable income, so forgiven loans won't increase your tax bill.
Are there any exceptions or specific situations I should be aware of?
Yes, if you consolidate your loans or if you are not in a qualifying repayment plan, it could affect your tax situation.
What if I receive a refund after my loans are forgiven?
Typically, a refund from the IRS would not be affected by PSLF, but it's best to consult a tax professional for specifics.
Can I still claim deductions if my loans are forgiven?
Yes, you can still claim deductions for interest paid on your loans before they were forgiven.
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