Join this session to learn how the CARES Act allows employers to claim a tax credit when providing financial assistance toward an employee’s existing student loan debt. Under the expanded tax-free student loan repayment benefits, employers can pay up to $5,250 toward employee education costs or toward their student loan debt. Employers can take advantage of the credit for any loan payments made on or after the act took effect and before Jan. 2, 2021.
Jantz and Heather will also address how existing law, codified in 1997, that allows government and nonprofit employers to offer student loan benefits that are payroll and income tax-free.
CE Credit: This session is CE-eligible for subscribers who have the following designations: CFP, CLU, ChFC, RICP and CIMA.