Student Loan and Implied Income (pay, taxes, debts, mortgage)
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I didn't pay off my student loans 25 years ago and my debt was written off. The IRS declared the write off as "Implied Income" and levied income taxes on it. Now, I am being forced to pay both the student loan payment and the income tax payment which are deducted from my Social Security payments. I've tried everything I can think of to pay one or the other. Anyone have any suggestions other than bending over?
Last edited by CR Boston; 12-17-2014 at 07:49 AM..
Reason: poor wording
Assuming it is normal social security and not supplemental social security income, the IRS is one of the few agencies that can garnish your social security.
is about characterizing the money benefit previously received as tuition etc as ordinary income.
The debt amount, written off against taxes, doesn't just disappear.
is about characterizing the money benefit previously received as tuition etc as ordinary income.
The debt amount, written off against taxes, doesn't just disappear.
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