WeBuyAndSellJunk Posted October 12, 2014 Share Posted October 12, 2014 Anyone able to give me a brief primer on how this works? This is my first year paying taxes where there is some complexity to the situation... Will my tax bracket be my salary+loan repayment amount? Do I even pay taxes on my loan repayment (state loan repayment, NC)? Will I be able to deduct the interest that has accrued from my loan? Does CME money count towards my income with regard to taxes? I ask to because I have a contract negotiation coming up and I would like to optimize this as well as possible from a salary/loan repayment/CME/time off stand point. An awesome website would suffice, if anyone happens to know of one. Thanks! Link to comment Share on other sites More sharing options...
Guest Paula Posted October 12, 2014 Share Posted October 12, 2014 CME is not taxable to my knowledge. I have never paid taxes on CME. I had a state loan repayment (in Wisconsin) and it was not taxable and was not considered as salary or income. I was able to deduct interest from my school loan. This was all back in the years of 2004-2007. Check your paperwork on your state loan repayment. It should be in there somewhere if NC counts it as income or if it is taxable. I am not an accountant, CPA, tax attorney, etc., so don't take my word for anything! Link to comment Share on other sites More sharing options...
primadonna22274 Posted October 12, 2014 Share Posted October 12, 2014 Definitely need to learn the rules on state loan repayment (I imagine each state is different). I have an NHSC loan repayment that is explicitly declared NON-taxable--but if your state LRP is not so clearly stated you want to check. A clue would be whether they send you a 1099 at the end of the year. If so...it's taxable. Link to comment Share on other sites More sharing options...
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