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Cancellation of Education Loans
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If you have qualified education loans forgiven, you may qualify for a subtraction from income of the entire amount forgiven.
Do I qualify for this subtraction?
You may qualify if your qualified education loan is discharged after completing a federal income-based repayment plan. Types of discharged student loans that may qualify include any of the following:
- Minnesota Teacher Shortage Loan Repayment Program
- Income-based repayment plans
- Income-contingent repayment plans
- Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE) programs
Your discharged debt must be included in your federal taxable income to qualify for this subtraction.
How do I claim this subtraction?
Complete Schedule M1M, Income Additions and Subtractions, to claim this subtraction from Minnesota income.