racer254 Posted August 26, 2022 Share Posted August 26, 2022 (edited) Are any of the PPP or college loans that are being forgiven considered income and taxed as such? Heard that in the Inflation Reduction Act is a new law that foregoes taxable income on federally backed loans that are forgiven between the years of 2022 and 2025. Currently looking to see if that is correct. Edited August 26, 2022 by racer254 Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 26, 2022 Author Share Posted August 26, 2022 I found this in the covid relief bill of 2021. American Rescue Plan. (Sec. 9675) This section modifies the tax treatment of income attributable to the forgiveness of certain student loan indebtedness incurred between 2021 and 2026. It excludes from student gross income, for income tax purposes, income from the discharge of student loans for postsecondary education expenses, private education loans, and loans from certain tax-exempt educational organizations. https://www.congress.gov/bill/117th-congress/house-bill/1319 Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 26, 2022 Author Share Posted August 26, 2022 Another interesting tidbit regarding PPP loans. https://www.irs.gov/forms-pubs/employers-may-be-able-to-claim-the-employee-retention-credit-and-have-a-ppp-loan Employers May Be Able to Claim the Employee Retention Credit and Have a PPP Loan Quote Link to comment Share on other sites More sharing options...
snoughnut Posted August 26, 2022 Share Posted August 26, 2022 3 hours ago, racer254 said: Are any of the PPP or college loans that are being forgiven considered income and taxed as such? Heard that in the Inflation Reduction Act is a new law that foregoes taxable income on federally backed loans that are forgiven between the years of 2022 and 2025. Currently looking to see if that is correct. They should be taxable considering only about 1/3 of those funds actually went to payroll. Not to mention, everything over 100 k should be audited but they probably won’t. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted August 26, 2022 Share Posted August 26, 2022 https://www.foxbusiness.com/features/trump-social-media-app-facing-financial-fallout speaking of paying your bills... Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted August 26, 2022 Platinum Contributing Member Share Posted August 26, 2022 8 minutes ago, Crnr2Crnr said: https://www.foxbusiness.com/features/trump-social-media-app-facing-financial-fallout speaking of paying your bills... But he's only gone bankrupt twice!!! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted August 26, 2022 Platinum Contributing Member Share Posted August 26, 2022 https://taxfoundation.org/student-loan-debt-cancelation-tax-treatment/ Quote Link to comment Share on other sites More sharing options...
Voodoo Posted August 26, 2022 Share Posted August 26, 2022 (edited) Don't fuck this up for me. If higher education is going to be free, I've always wanted to get training for aircraft. We need pilots for airlines. There is a huge need. Think I'm a great candidate. An a 380 would be nice, but lesser aircraft I'm ok with with too. If I could certify for helicopters that would be a plus. If not, maybe just a meme/gender studies diploma doctorate. Doctor Matt would be great on a resume. Get 200K to sweep a floor. Edited August 26, 2022 by Voodoo Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted August 26, 2022 Platinum Contributing Member Share Posted August 26, 2022 6 minutes ago, Voodoo said: Don't fuck this up for me. If higher education is going to be free, I've always wanted to get training for aircraft. We need pilots for airlines. There is a huge need. Think I'm a great candidate. An a 380 would be nice, but lesser aircraft I'm ok with with too. If I could certify for helicopters that would be a plus. If not, maybe just a meme/gender studies diploma doctorate. Doctor Matt would great on a resume. Get 200K to sweep a floor. i was thinking skip barber https://www.skipbarber.com/race_tracks/lime-rock-ct/ Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted August 27, 2022 Share Posted August 27, 2022 3 hours ago, Steve753 said: But he's only gone bankrupt twice!!! are we counting the casino? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted August 27, 2022 Platinum Contributing Member Share Posted August 27, 2022 5 minutes ago, Crnr2Crnr said: are we counting the casino? I think he just closed that up. Didn't he? Quote Link to comment Share on other sites More sharing options...
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