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Information on How to File Your Tax Credit from the. – The tax credit will be available to Maryland taxpayers who: 1. file maryland state Income Taxes for the tax year; 2. Have incurred at least $20,000 undergraduate and/or graduate student loan debt; 3. Have at least $5,000 in outstanding student loan debt remaining when applying for the tax credit; 4.

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Stopping Tax Offsets Due To Student Loan Debt Relief from Student Loan Debt: What Are the Tax Implications? – In IRS revenue procedure 2015-57, the agency states that taxpayers who took out federal student loans to attend schools owned by CCI qualify for tax relief if the loans are discharged under the Department of Education’s Closed School or Defense to Repayment procedures.