CARES Act and student loan deduction

[okayplayer]

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Companies Are Now Getting a Tax Break to Help Employees Pay Down Student Loans During Coronavirus — Money

Employer student loan assistance got some love in the CARES Act.

apple.news

Interesting. Had not heard this. Those in W2 employed partnership groups think this could apply? Basically the group pays the $5k to the student loan of the individual and then reduces taxable income by $5k?

 

[deleted697127]

Companies Are Now Getting a Tax Break to Help Employees Pay Down Student Loans During Coronavirus — Money

Employer student loan assistance got some love in the CARES Act.

apple.news

Interesting. Had not heard this. Those in W2 employed partnership groups think this could apply? Basically the group pays the $5k to the student loan of the individual and then reduces taxable income by $5k?

Hm i wonder if you can do this as an s Corp.

 

[deleted162650]

Are you SOL if you’ve consolidated/refinanced your loans with a private bank/lender??

 

[Shimmy8]

Are you SOL if you’ve consolidated/refinanced your loans with a private bank/lender??

Seems to be the case for ANY type of govt program.

 

[CubsDynasty]

Are you SOL if you’ve consolidated/refinanced your loans with a private bank/lender??

yes unfortunately. with the perks of higher interest rates come the perks of federal support.

 

[okayplayer]

yes unfortunately. with the perks of higher interest rates come the perks of federal support.

Damn, missed that part.

 

[AdmiralChz]

Are you SOL if you’ve consolidated/refinanced your loans with a private bank/lender??

Yep! But you are overall much smarter with an interest rate that could be half of what it was.