Anonymous
Post 08/25/2022 20:56     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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.
Anonymous
Post 08/25/2022 20:35     Subject: Re:Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
2k from everyone so some get 10k? Not a great trade.
Anonymous
Post 08/25/2022 20:35     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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
Post 08/25/2022 20:30     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
continued forom above, she was a dependent on our taxes last year.
Anonymous
Post 08/25/2022 20:29     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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
Post 08/25/2022 20:08     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
It will likely be line 11 - AGI. That’s what’s typically used. But there are no additional details yet.
Anonymous
Post 08/25/2022 19:48     Subject: Re:Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
Does anyone know which line of the 1040 will be used? Which line is used for other aid programs?
Anonymous
Post 08/25/2022 12:26     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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
Post 08/25/2022 12:19     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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
Post 08/25/2022 12:04     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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
Post 08/25/2022 08:07     Subject: Biden’s Debt Forgiveness: How to Determine Income Eligibility from the 1040
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?