Student Loan Fiasco

[Isaac]

And not a good pretzel, like those Wetzel pretzel-sausage-bites in the mall!
If they would just enforce the laws they have and re-arrange the management of the money they already have, the Democrats could STOP passing more laws and stealing more money from taxpayers.

 

[Pat Hartman]

If they would just enforce the laws they have and re-arrange the management of the money they already have, the Democrats could STOP passing more laws and stealing more money from taxpayers.

It's the power rush.

Trump's direction to remove 2 "rules" for each new one was a step in the right direction. I do not understand why we keep piling new laws/rules on top of the old. Why do we not get rid of laws/rules that didn't work to keep the statutes clean? It reminds me of new programmers who just comment out code and leave the trash in the way and never clean it out.

 

[Isaac]

re-arrange the management of the money they already have

Like THIS, Democrats

University of Florida fires all DEI employees in compliance with state law

The University of Florida is terminating all DEI positions and administrative appointments in compliance with state law, according to a memo it sent Friday.

www.foxnews.com

 

[Steve R.]

Biden still defying the US Supreme Court. Biden once again demonstrating that he is a lawless president.

Biden to defy Supreme Court in second attempt at sweeping student loan handout

The Biden administration is preparing to announce another attempt at widespread student loan forgiveness ahead of the election after the Supreme Court struck down its first.

www.foxbusiness.com

PS: Biden, when it comes to illegal immigration whines that he can't do anything as he falsely claims that he lacks the authority. Amazingly, concerning the student loan issue, Biden gives the US Supreme Court the finger and brazenly takes macho action to assert dictatorial authority to (illegally) cancel student debt.

 

[Steve R.]

32K views · 900 reactions | Representative AOC on Student Debt Relief | Representative Alexandria Ocasio-Cortez discusses the White House’s new student debt relief program. #Colbert | By The Late Show with Stephen Colbert | Facebook

Representative Alexandria Ocasio-Cortez discusses the White House’s new student debt relief program. #Colbert

www.facebook.com

AOC exposes another moral hazard of student loan "forgiveness", which is really transferring that debt to the public (national debt). One of her remarks is that students who have their debt canceled could now afford international travel! This gives the students a "free" vacation. This is an abuse of the purpose of student loans.

 

[AccessBlaster]

It's a tax on everyone including the recipient, they just don't know it. You can put reparations in the same category.

 

[Pat Hartman]

Is the forgiven debt considered income? Will it cause the recipient a tax event? Or are we giving up the tax on the freebee also?

 

[Steve R.]

Is the forgiven debt considered income? Will it cause the recipient a tax event? Or are we giving up the tax on the freebee also?

Good question. It certainly should be considered taxable "income".

Gift tax | Internal Revenue Service

Learn about the gift tax and how it applies to the transfer of any property.

www.irs.gov

 

[AngelSpeaks]

Is the forgiven debt considered income? Will it cause the recipient a tax event? Or are we giving up the tax on the freebee also?

Usually a 1099-C Cancellation of Debt is issued with it being taxable

 

[Pat Hartman]

There seems to be a 1099 for everything. I finished my taxes yesterday. What a PITA it is. It's not like the IRS doesn't know how much money I have and how I spend it and how much comes into my accounts every year. It's like rubbing salt into the wound to make me keep records and tell them what they already know. At least they now have import capability so I can import all the transactions that happen in my investment account. Apparently the net gain/loss is insufficient. They want the individual transactions. So my tax return was 40 pages.

The thing that really pisses me off is how they deal with losses. If you have losses in your account, they can offset gains. However, if you have a net loss, which sadly happens, you can only apply $3,000 of that each year to ordinary income. So if you lose $30,000 one year, you can't use it to offset your $40,000 gain the following year. You only get to take $3,000 per year for 10 years.

 

[Isaac]

Usually a 1099-C Cancellation of Debt is issued with it being taxable

I'm not sure either way but I wouldn't be surprised if some of the long-standing ongoing public service loan forgiveness programs don't come with one. And if he's just bending the rules of those same programs to expand their applicability, then who knows

 

[The_Doc_Man]

I finished my taxes yesterday. What a PITA it is.

I don't presume for a moment to know your finances (and don't WANT to know), but I use one of the widely advertised software packages that, if you have your paperwork together, might take no more than an hour or two from initial setup to the point of electronically filing. And the best part is that there is a provision for you to deduct the cost of filing taxes that would actually cover the cost of the software package.

I have stock dividends, annuities, social security, and bank interest. The package I use has federal tax support AND state tax support. They also say that if you get audited, they will assist you in responding to the audit. I'll add that in over 10 years of using this particular vendor's product, I have never been audited and only had one filing get sent back to correct a contract-number error. (Fat fingers strike again!)

 

[Pat Hartman]

I use TaxCut. Some years it's better than others. You do have to have your ducks in a row though. I was kvetching because I object to my tax return being 40 pages because a single figure of the net gain/loss is insufficient for the IRS. No wonder people have trouble doing their own taxes. When I was in the eighth grade my math teacher taught a few of us how to do income tax returns. I think eighth graders today might not be able to comprehend the instructions.

 

[AngelSpeaks]

I use TaxCut. Some years it's better than others. You do have to have your ducks in a row though. I was kvetching because I object to my tax return being 40 pages because a single figure of the net gain/loss is insufficient for the IRS. No wonder people have trouble doing their own taxes. When I was in the eighth grade my math teacher taught a few of us how to do income tax returns. I think eighth graders today might not be able to comprehend the instructions.

First tax season of retirement from professional tax preparation. First time using Tax Act, which is one of the better ones. I could have completed at least a half dozen tax returns, even complex ones, in the same amount of time that it took to do mine. I wish I still had the professional software.

 

[AngelSpeaks]

There seems to be a 1099 for everything. I finished my taxes yesterday. What a PITA it is. It's not like the IRS doesn't know how much money I have and how I spend it and how much comes into my accounts every year. It's like rubbing salt into the wound to make me keep records and tell them what they already know. At least they now have import capability so I can import all the transactions that happen in my investment account. Apparently the net gain/loss is insufficient. They want the individual transactions. So my tax return was 40 pages.

The thing that really pisses me off is how they deal with losses. If you have losses in your account, they can offset gains. However, if you have a net loss, which sadly happens, you can only apply $3,000 of that each year to ordinary income. So if you lose $30,000 one year, you can't use it to offset your $40,000 gain the following year. You only get to take $3,000 per year for 10 years.

Yes they have a shitload of 1099s. A 1099-C on a property mortgage may be accompanied by a 1099-A Abandonment, which is tons of fun.

 

[NauticalGent]