It's silly but not the end of the world. It's taxable federally as well if your debt was before 2015 or after 2021. But even so the taxes will be less than the debt. Progressive tax system. If you have no income your taxes will be 0 at $10k. Now if they do the $20k thing for Pell recipients, only the second $10k will be taxed. If you have income then this could put you in a higher bracket. You may be taxed more but that's better than debt. People with 0 income but get $20k off will have it worst.
Nc has a 5% flat income tax. So $1000 for $20k of forgiveness. Not really sure what you could write off to get that down.
It's silly but not the end of the world. It's taxable federally as well if your debt was before 2015 or after 2021. But even so the taxes will be less than the debt. Progressive tax system. If you have no income your taxes will be 0 at $10k. Now if they do the $20k thing for Pell recipients, only the second $10k will be taxed. If you have income then this could put you in a higher bracket. You may be taxed more but that's better than debt. People with 0 income but get $20k off will have it worst.
Nc has a 5% flat income tax. So $1000 for $20k of forgiveness. Not really sure what you could write off to get that down.
Straight up wont be able to pay that. Just going to go for it anyways I guess.
I might as well be zero income as well lol. My taxes are going to be fucked this year on top of the freelance crack down.