The amount of the credit claimed annually can not exceed the lesser of $ 2,000 or your annual federal income tax liability, after all other credits and deductions have been taken into account. (phfa.org)
Backup withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. (sec.gov)
This bill would (i) exempt from federal income tax liability any amounts forgiven relating to federal and private education loans that are discharged due to the death or total and permanent disability of a student, and (ii) allow the parent of a student who becomes totally and permanently disabled to have their federal loan discharged. (accesslex.org)