Vambo Posted May 8 Report Share Posted May 8 PROMOTEDBiden's new student loan forgiveness plan would cost an extra $84 billion: report 1 Quote Link to comment Share on other sites More sharing options...
LogicIsForSquares Posted May 8 Report Share Posted May 8 Fun fact: I know two people who had their loans forgiven. It gets treated as if you suddenly got that amount of money as income in the eyes of the IRS haha. So instead of owing Mohela, the IRS gets to spread your asscheeks to the tune of whatever tax bracket for that year that your forgiven loans pushes you into. It's sold as financial freedom but really a cashier is now making 150k according to the IRS. Quote Link to comment Share on other sites More sharing options...
cccjwh Posted May 8 Report Share Posted May 8 1 hour ago, LogicIsForSquares said: Fun fact: I know two people who had their loans forgiven. It gets treated as if you suddenly got that amount of money as income in the eyes of the IRS haha. So instead of owing Mohela, the IRS gets to spread your asscheeks to the tune of whatever tax bracket for that year that your forgiven loans pushes you into. It's sold as financial freedom but really a cashier is now making 150k according to the IRS. Fun fact: The America Rescue Plan Act of 2021 made an exemption from federal income taxes for loans that are discharged between Jan 1 2021 and Dec 31, 2025. Those two people need to find a new tax guy. How will a student loan payment count adjustment affect my taxes? | Federal Student Aid Quote Link to comment Share on other sites More sharing options...
LogicIsForSquares Posted May 8 Report Share Posted May 8 12 minutes ago, cccjwh said: Fun fact: The America Rescue Plan Act of 2021 made an exemption from federal income taxes for loans that are discharged between Jan 1 2021 and Dec 31, 2025. Those two people need to find a new tax guy. How will a student loan payment count adjustment affect my taxes? | Federal Student Aid I stand corrected. It's two guys I work with through the VA who had their loans discharged but not through PSLF or an IDR plan. Not sure if that had any bearing on it or they just legitimately are tax tards. Quote Link to comment Share on other sites More sharing options...
cccjwh Posted May 8 Report Share Posted May 8 1 hour ago, LogicIsForSquares said: I stand corrected. It's two guys I work with through the VA who had their loans discharged but not through PSLF or an IDR plan. Not sure if that had any bearing on it or they just legitimately are tax tards. That is correct. Army paid off my students load (the principle anyways). "Luckly" I was deployed for 2 out of the 3 years they made the payments. So for two years I didn't have to pay taxes on it. 1 Quote Link to comment Share on other sites More sharing options...
DieHardBrownsFan1 Posted May 8 Report Share Posted May 8 1 hour ago, cccjwh said: That is correct. Army paid off my students load (the principle anyways). "Luckly" I was deployed for 2 out of the 3 years they made the payments. So for two years I didn't have to pay taxes on it. Were you the Tranny in charge of the LGBT platoon? 1 Quote Link to comment Share on other sites More sharing options...
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