Keeping the IRS busy.

I don’t care how poor you are it is NOT taxed. Nobody’s stimulus check, NO PPP funds forgiven… were taxed FACT. The White House said they will NOT be taxed. Do you need a picture to help you understand?

It’s why Biden did it. They are sucking all they can out before they pull the plug. Was 100% for more tax revenue.

I found some Woodfords. Ahhhhhh……..

Since they said it won’t be taxed that makes it 0% for tax revenue.

Don’t kid yourself, you are paying for it.

They absolutely will/Should be 1099ed.

Whenever a company writes off debt they get to show it as a loss but the offset is that the individual receiving the debt forgiveness receives a 1099 and the IRS views the amount forgiven as "income" for the party receiving the debt forgiveness

From what I've read no fed tax but 13 states may tax the money as income

Actually will be additional tax revenue for govt, as you point out, tax payer pays for the debt forgiveness and then govt taxes individual receiving the debt forgiveness.

Everyone wins but you and I who didn't want anything to do with this.

Last Edited by OU8122 on 08/29/2022 09:32 PM

dabt forgiven = money earned.


of course, Bye-den may say bye-bye to the rules

No 1099’s will be received! It is not going to be considered taxable income. Nobody is going to pay tax on the money received to pay on their loans. Biden is using COVID19 emergency powers and the loan payments will be NO DIFFERENT than the stimulus checks that you received. NON TAXED.

I know you people would like to pretend they are going to be paying taxes but the White House specifically said it will not be taxed. Fox just did an arrival on the COVID emergency powers being used.

You people are paying for them and maybe you might want to think of a little over time to generate some tax revenue to pay their debt down quicker.

What about the folks that got a degree in plumbing
or electrician?
Nope.

Only Gender Studies of Lesbian women in Cinema Degrees...

The IRS considers any Debt forgivesness as "income".
Look up the regulations.

And we ALL PAY for it, all this spending leads to higher taxes and hyperinflation.

Dang...Below poverty level with a bunch of student loan debt?

Did you get the degree or just the debt?
Not a very enticing sales job for going to college...

The difference between a loan officer and the taxman is the gun.

Their 'forgiveness' is cheeky.

Student loan becomes tax obligation which is collectable by force.

USC Title 26 is easy reading and most Americans understand the code.

tax free till 2025, it's a covid relief thing, just one of
many passed!

This is correct, the up $10k-$20k in student loan cancellation is not taxable on a federal level. The Biden admin passed an act last year that makes student loan forgiveness tax free until 2025. Look up the American Rescue plan and can be read about it in this article from Forbes

[link to www.forbes.com (secure)]

“Congress and President Biden recently expanded the federal student loan forgiveness tax exemption when it passed the American Rescue Plan last year. That bill had a provision that exempts all federal student loan forgiveness from taxation through the end of 2025. This means no one should have to pay any federal income taxes on any federal student loan forgiveness if it occurs prior to January 1, 2026. This includes the $10,000 and $20,000 in student loan forgiveness that Biden announced last week.”

Last Edited by ThndrZ2 on 08/30/2022 02:34 AM

There's no obligation to pay extortion fees to goons of alphabet agencies, unless, there's a promissory note or contract of obligation that can be produced. Otherwise, you've no contract, and the burden of proof is on the goons and their crime bosses.

Check the date lol

Thread: Student loan forgiveness you will receive a 1099 and pay as income

Love all these tards thinking it will be taxed because they paid tax before… or they read the tax code…


It’s a new world people and the American rescue plan and emergency Covid powers rewrites all the bull shit you think you know.

You will be paying most families $40k because they likely owe more than 10 and a couple gets double…plus ZERO taxes at tax time.

So pay your god dam taxes, Biden has 87k new kids on the block that will show you what it means to be a tax cheat and fine your ass in a heart beat.

Think of all those businesses you gave billions to in PPP loans to pay themselves. Here is news for you, those companies that received millions down to the small businesses that got hundreds of thousands paid ZERO taxes on that money. Better yet they were still able to write off their expenses as losses!!!!!!!! Paying significantly less taxes!!!

But…. But… the internet tards on GLP say different… their uncle got money before and got a 1099 how could this be? So dumb and pathetic.