Dont worry about the student loan forgiveness

[Dave N]

i didnt read all the pages, but I hope, that the loan forgiveness has to be claimed as income on your taxes,,,,

Can't remember where but I saw that it was NOT.

 

[rogerthat]

Time for Congress to neuter the executive order. Things are getting out of hand for sure. Scary

 

[Deleted member 18333]

I can remember taking it in middle school, learning to balance a check book, interest rates etc. Even without that class I'd like to think that at 18 years old if you don't understand how that works, things aren't looking to promising for your future regardless what degree your pursuing.

Agree. Lets not pretend that sorting out how interest rates work on a loan is rocket science.

 

[jt13]

i didnt read all the pages, but I hope, that the loan forgiveness has to be claimed as income on your taxes,,,,

Can't remember where but I saw that it was NOT.

It's not taxed as income.

 

[Redmt]

We're being governed by droolers.

 

[TOGIE]

Getting any of yours forgiven?

nah, i told biden i'm straight from the loins of boot strap bill himself.

 

[Deleted member 18333]

We're being governed by droolers.

We're electing droolers.

 

[Redmt]

Am I wrong that education is tax deductible? Isn't interest paid also deductible? Then to me it's only fair that loan forgiveness should be taxed as income? I'm not a tax guy but something is goofy here.

 

[Nick87]

nah, i told biden i'm straight from the loins of boot strap bill himself.

Thought so.

 

[rogerthat]

Am I wrong that education is tax deductible? Isn't interest paid also deductible? Then to me it's only fair that loan forgiveness should be taxed as income? I'm not a tax guy but something is goofy here.

I think loan forgiveness is usually taxed as income. I’m sure someone will set me straight if that’s incorrect. Haven’t had much of a chance to do taxes with any loan forgiveness in the last 25 years. After all I can add and subtract and know red or minus is bad on an account statement. (Yup, I’m a financial genius)

 

[jt13]

Am I wrong that education is tax deductible? Isn't interest paid also deductible? Then to me it's only fair that loan forgiveness should be taxed as income? I'm not a tax guy but something is goofy here.

Education tax deductions have various limits in place based on type, amount, income level, etc. They do exist but if you make any kind of decent money they aren't available- $70k single/140k jointly.

I think loan forgiveness is usually taxed as income. I’m sure someone will set me straight if that’s incorrect. Haven’t had much of a chance to do taxes with any loan forgiveness in the last 25 years. After all I can add and subtract and know red or minus is bad on an account statement. (Yup, I’m a financial genius)

Federal forgiveness is not taxed as income assuming its handled the same as PSLF.

 

[nontyp]

I feel for people that are strapped with debt based on decisions made when your 19-21 years old. I just don’t understand why we aren’t addressing the root of the problem. Im also not excited about paying for this in the form of inflation and taxes. I don’t agree with 90% of government spending though, so whatever. amazing that a president has the power to spend this kind of money.

 

[4ohSick]

I'm getting $20k in forgiveness if I'm reading the proposal right, but it won't matter too awful much considering how far along I am in PSLF. 10 years of ICR/IDR payments from a low level state government employee. When its all said and done I will have repaid about 75% of what I borrowed. It was way too easy for a young and dumb kid from a poor family to sign up for a lifetime of crippling dept. I had zero financial knowledge coming out of high-school, I'm lucky I didn't dig myself into an even bigger hole.

Not gonna wade through 9 pages to see if this has already been said, but according to the fact sheet this loan forgiveness will not be considered taxable income, whereas PSLF is (as far as I know). So you may actually come out ahead here.

 

[shrapnel]

why bother global warming killed all the game

 

[Nick87]

I feel for people that are strapped with debt based on decisions made when your 19-21 years old. I just don’t understand why we aren’t addressing the root of the problem. Im also not excited about paying for this in the form of inflation and taxes. I don’t agree with 90% of government spending though, so whatever. amazing that a president has the power to spend this kind of money.

I'd like to go back and be reimbursed for all of my bad decisions when I was 19 to 21 years old.

 

[Stocker]

I'd like to go back and be reimbursed for all of my bad decisions when I was 19 to 21 years old.

Yeah, like not staying in college and getting my loans forgiven.

 

[noharleyyet]

Just think of it as a 300 billion dollar campaign donation in the 11th hour. Did anyone, even Nancy who initially poo pooed the notion, think it wasn't going to happen after the balloon was floated? The Fourth Estate will gush just as they have over the laughingly titled Inflation Reduction parlor trick. Joe will be featured with a few memorized platitudes then led back to the basement. Poll ticks will be better. It's Miracle on Penn Ave time.

We are seals wagging the dog ladies and gentlemen.

 

[mplane72]

Funny, the older I get the more I realize life hasn't changed much since preschool.

Someone one is always getting something you're not. First time home buyer, cash for clunkers, PPP, Stimulus checks, this tax break, that tax break, the business owner that writes off all their toys. It goes on and on.

"The rich get to much" or "the poor get to much". All of us in the middle who are all more alike then we are different pick a side for whatever reason and here we are in gridlock.

Clowns to the left of me. Jokers to the right.

Life it to short.

 

[rogerthat]

I'd like to go back and be reimbursed for all of my bad decisions when I was 19 to 21 years old.

I second this. I wonder if I can get reimbursed for that time I was sh!t faced walking home from the bar and stumbled into a sidewalk construction project. Literary ripped all my clothes to shreds falling into the rebar mat. No one ever taught me not to get drunk and stumble around I guess.

 

[rogerthat]

Funny, the older I get the more I realize life hasn't changed much since preschool.

Someone one is always getting something you're not. First time home buyer, cash for clunkers, PPP, Stimulus checks, this tax break, that tax break, the business owner that writes off all their toys. It goes on and on.

"The rich get to much" or "the poor get to much". All of us in the middle who are all more alike then we are different pick a side for whatever reason and here we are in gridlock.

Clowns to the left of me. Jokers to the right.

Life it to short.

I think to ignore the fact that there has never been a time in our countries history where so much has been given out so quickly may be a mistake. That’s a no political statement. I’m definitely alarmed. Now back to being a sarcastic twit