If you have student loans, this is for you....
Biden has announced that he will be forgiving up to $10,000 in student loan debt for most borrowers.
There are income limitations to qualify:
Single - you have to make less than $125k
Married filing joint - you have to make less than $250k - each spouse is eligible for the $10k
Will I have to pay taxes on the amount forgiven?
On a federal level, no, you won't. On a state level, the understanding is that most states will follow the federal level, but some may end up considering the forgiveness taxable. Stay tuned.
If you have questions, let me know.