The U.S. Department of Education wouldn’t tell CalMatters whether the debt forgiveness plan will be executed through section 1098e. Instead, a department spokesperson said to read the Biden administration’s. CalMatters asked the California Franchise Tax Board lawyers to review that federal memo Thursday but we haven’t gotten an answer yet.
The upshot: For a childless single filer earning $50,000, taxing $10,000 in forgiven debt would raise that person’s state income tax bill by about $800,Whatever action Atkins and Rendon push through, they’ll need Gov. Gavin Newsom’s signature, wrote Katie Talbot, a spokesperson for Rendon, in an email Friday evening. And state lawmakers need to act fast. If the debt forgiveness is taxable now, a law changing that will need to be in place before Californians start filing their 2022 tax returns.
mzinshteyn In other words, you came up with a premise based on speculation and no quotable sources. Did I get that right?
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