To All Deadbeats Who Don't Pay Their Debt...

[Thunk]

Is that supposed to be a gotchya? Somebody gets 10k in loans forgiven and for that they have to pay $500 in taxes. Dang you sure got ‘em!

You must be in that 5% tax bracket

 

[White 6]

It is!

The 1040 form asks if you've had any debt forgiven.

Is forgiven debt handled at same rate as normal income. I have never had debt forgiven by anybody. I guess I am one of those that just paid off debt incurred by my own decisions that created the debt.

 

[strollingbones]

De railing...isn't the tread about deadbeats..hypocrite much?

 

[Slade3200]

You must be in that 5% tax bracket

Many people who are getting their loans forgiven are.

I don’t have student loans… another failed gotchya

 

[Thunk]

Actually, most people are in a 25-35% tax bracket.

So that'll be $2,500 - $3,500 for $10,000 forgiven.

Then there are state income taxes...which go by your federal 1040 for gross and adjusted income

 

[BlackSand]

I have to disagree.

He is simply squatting on land that was always vacant.

.

Oh, come one now ... The paperwork might not be sealed,
But you have some rights if you have squatted there for more than two years and made improvements to the property.

.​

 

[yidnar]

Is forgiven debt handled at same rate as normal income. I have never had debt forgiven by anybody. I guess I am one of those that just paid off debt incurred by my own decisions that created the debt.

Biden prevented people from using bankruptcy to charge off credit card debt ... around that time Hunter was receiving consultant payments from a credit card agency .

MBNA Paid Biden's Son As Biden Backed Bill

Hunter Biden Paid Undisclosed Amount As Consultant While Joe Biden Supported Legislation Backed By Credit Card Industry

www.cbsnews.com

 

[yidnar]

Biden prevented people from using bankruptcy to charge off credit card debt ... around that time Hunter was receiving consultant payments from a credit card agency .

MBNA Paid Biden's Son As Biden Backed Bill

Hunter Biden Paid Undisclosed Amount As Consultant While Joe Biden Supported Legislation Backed By Credit Card Industry

www.cbsnews.com

no relief for the common man but big breaks for college brats .

 

[Slade3200]

Actually, most people are in a 25-35% tax bracket.

So that'll be $2,500 - $3,500 for $10,000 forgiven.

Then there are state income taxes...which go by your federal 1040 for gross and adjusted income

You think most people paying off student loans are in the 25-35% tax bracket?! Haha

Let me School you a bit.

Only people with incomes less than $125k a year qualify for student loan forgiveness. They either get 10k or 20k forgiveness depending on if they had a grant or not.

The max tax rate for somebody making 125k is 24%. So the people who will be paying taxes on the debt forgiveness will be paying between 10%-24% on 10-20k.

Not 25-35%

 

[iamwhatiseem]

If you have any portion of your student loans "forgiven" ...you must count that money as income and pay taxes on it

No wonder biden just doubled the number of IRS agents

Oh trust me... the Democrats Campaign Funder in Chief will fix that little glitch.

 

[BlackSand]

Is forgiven debt handled at same rate as normal income. I have never had debt forgiven by anybody. I guess I am one of those that just paid off debt incurred by my own decisions that created the debt.

.

When you claim bankruptcy, it might not exclude you from running for President ...
But it doesn't do wonders for your credit score.

If they actually do it, and the way it should be handled if they do ...
Those folks may be shocked the next time they go to buy a car or get a loan.

.​

 

[Auld Phart]

De railing...isn't the tread about deadbeats..hypocrite much?

the thread is about student loans.

(read the OP)

Did Trump not pay his student loans?

or do you need to derail every thread to make it about him?

 

[Thunk]

Is forgiven debt handled at same rate as normal income.

I believe so...but I've always paid my debts so I never had it happen to me.

Just thunk...biden will force a quarter to a third of those debts to be paid in one year (instead of spread over many years). He will be able to tout all those "tax revenues" all on the backs of poor young liberals...like this guy...

 

[okfine]

It is!

The 1040 form asks if you've had any debt forgiven.

Some States will tax the crap out of the loan forgiveness. I think 19 of them.

Student Loan Forgiveness: A Taxable Event?​

As a general rule, whenever a debt of any kind — including a student loan — is reduced or cancelled, the debtor or borrower may incur taxes. The lender would issue the debtor a Form 1099-C during tax season for the year in which the debt was cancelled, which would show the exact amount of loan forgiveness or debt cancellation. The debtor may then have to report that amount on their tax return as “income.” In other words, the amount of the cancelled debt could be treated as if the borrower “earned” that sum in income during the prior tax year, resulting in additional income taxes. For large forgiven balances, this can potentially result in a hefty tax bill.

Is Student Loan Forgiveness Taxable In 2022? It’s Complicated.

As we enter tax season, borrowers should keep in mind that in some cases, student loan forgiveness may be taxable. In other cases, it may not. And in 2022, the issue is more complicated than ever. Here’s an overview.

www.forbes.com

 

[Natural Citizen]

Income tax is theft. It's the idea that the government owns you, owns 100% of your income and that it alone sets the terms for which you may keep a certain percentage.

The federal government shouldn't be involved in education.

The federal government has nothing.

It has nothing because it does not produce anything.

It steals from those who do produce at the barrel of a government gun and redistribute it.

Circle back to Income tax is theft....

 

[BlackSand]

Income tax is theft. It's the idea that the government owns you, owns 100% of your income and that it alone sets the terms for which you may keep a certain percentage.

The federal government shouldn't be involved in education.

The federal government has nothing.

It has nothing because it does not produce anything.

It steals from those who do produce at the barrel of a government gun and redistribute it.

Circle back to Income tax is theft....

.

The way it is set up also support Critical Theory and Class Warfare ... Marxism in every paycheck anyone gets.

That mess is getting to a point that they will burn it into the fabric of our everyday lives and this Nation ...
And then deny it is ever there, all so they can feel better about themselves and their false altruism.
.​

 

[Natural Citizen]

.

The way it is set up also support Critical Theory and Class Warfare ... Marxism in every paycheck anyone gets.

That mess is getting to a point that they will burn it into the fabric of our everyday lives and this Nation ...
And then deny it is ever there.
.​

eeeyep.

"Our Democracy'' or some such nonsense, I think it was.

 

[Thunk]

The max tax rate for somebody making 125k is 24%. So the people who will be paying taxes on the debt forgiveness will be paying between 10%-24% on 10-20k.

Not 25-35%

If their tax bracket was 10% they'd be making about $6,000 per year...They wouldn't be making student loan payments.

Then (as I said) you have state income taxes on top of that.

Between the 2...NOBODY is in a 10% tax bracket.

Not exactly an accountant are you?

 

[BlackSand]

eeeyep.

"Our Democracy'' or some such nonsense, I think it was.

.

"Our Democracy" is starting to look more like a bunch of beggars who would rummage your couch for pocket change ...
And wouldn't even have the decency to put the cushions back.

.​

 

[Slade3200]

If their tax bracket was 10% they'd be making about $6,000 per year...They wouldn't be making student loan payments.

Then (as I said) you have state income taxes on top of that.

Between the 2...NOBODY is in a 10% tax bracket.

Not exactly an accountant are you?

Those are the tax brackets in the range of those who qualify for the debt forgiveness. Not 25-35% like you said