Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040

[Anonymous]

Which line of the 1040 is used to determine income eligibility for student loan debt repayment? Is it line 1 Wages, Salary and Tips? Is it line 9 Total Income? Is it line 11 Adjusted Gross Income? Or is it line 15 Taxable Income?

[Anonymous]

Anonymous wrote:Which line of the 1040 is used to determine income eligibility for student loan debt repayment? Is it line 1 Wages, Salary and Tips? Is it line 9 Total Income? Is it line 11 Adjusted Gross Income? Or is it line 15 Taxable Income?

Either they have your info already or you self-report into their tool that comes out later this year.

[Anonymous]

So disgusting. I really scrimped and saved to pay off my loans. Should have just spent $7 on a latte & not bothered working a side hustle.

[Anonymous]

Anonymous wrote:So disgusting. I really scrimped and saved to pay off my loans. Should have just spent $7 on a latte & not bothered working a side hustle.

I'm sure you've gotten some aspects of your life where you have received a benefit that others have not. I paid off my own student loans by not having a car for 12 years (and yet I still had to pay taxes on highways!). But I am so pleased that we have a govt that is finally giving some money to MC/LMC folks rather than just those at the top or the very bottom.

[Anonymous]

Does anyone know which line of the 1040 will be used? Which line is used for other aid programs?

[Anonymous]

It will likely be line 11 - AGI. That’s what’s typically used. But there are no additional details yet.

[Anonymous]

So my D just graduated and does not have a job yet. She will have a low income in 2022 (probably only 3-4 months of salary) around $30K. Will she qualify.

[Anonymous]

continued forom above, she was a dependent on our taxes last year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So disgusting. I really scrimped and saved to pay off my loans. Should have just spent $7 on a latte & not bothered working a side hustle.

I'm sure you've gotten some aspects of your life where you have received a benefit that others have not. I paid off my own student loans by not having a car for 12 years (and yet I still had to pay taxes on highways!). But I am so pleased that we have a govt that is finally giving some money to MC/LMC folks rather than just those at the top or the very bottom.

250k is not lower anything.

[Anonymous]

2k from everyone so some get 10k? Not a great trade.

[Anonymous]

Anonymous wrote:So my D just graduated and does not have a job yet. She will have a low income in 2022 (probably only 3-4 months of salary) around $30K. Will she qualify.

What I read said that income from 2020 or 2021 would be reported. In 2021, she was still a dependent of yours? In which case YOUR 2020 or 2021 AGI would be used to determine eligibility.

All of this is hypothetical though until the actual details are announced. But it is my best guess.