Latest / The Table with Anthony ONeal / Financial Expert (WARNING): 1 Million Americans Face $25,000 Tax Trap Before December 31st!
Transcript
- 0:00[SPEAKER_01]: Right now, thousands, and I mean, it's thousands of Americans are celebrating student loan forgiveness.
- 0:05[SPEAKER_01]: But honestly, these thousands of Americans have no idea that they could be walking into a 15,000 to 25,000-dollar tax trap in just a few weeks.
- 0:15[SPEAKER_01]: And the government, unfortunately, they are not exactly rushing to tell us about it.
- 0:23[SPEAKER_01]: I've been doing this for a very long time and when I'm about to tell you and share with you today could literally save you tens of thousands of dollars, but you've got to stay with me because this gets deep and honestly every single detail honestly matters.
- 0:40[SPEAKER_01]: By the end of this video, today's show, you're going to know exactly a few things.
- 0:45[SPEAKER_01]: Number one is whether you qualify for the tax-free forgiveness.
- 0:50[SPEAKER_01]: A number two, the December 31st deadline that changes literally everything for a lot of us.
- 0:55[SPEAKER_01]: And then number three, the three steps to protect yourself from a massive tax bill.
- 1:01[SPEAKER_01]: I'll say that again, a massive tax bill.
- 1:04[SPEAKER_01]: And number four, last but not least,
- 1:10[SPEAKER_01]: all cause.
- 1:11[SPEAKER_01]: All right.
- 1:13[SPEAKER_01]: Now stick with me until the end because I'm giving you a free some free information about this entire video and the entire episode that you do not want to miss by just skipping through because your financial freedom depends on the information that we're going to go over.
- 1:31[SPEAKER_01]: All right.
- 1:31[SPEAKER_01]: So let's get into it.
- 1:33[SPEAKER_01]: Now let me set this up for you from the very beginning.
- 1:36[SPEAKER_01]: Right now, over 1 million borrowers are waiting for loan forgiveness.
- 1:42[SPEAKER_01]: That's 1 million people sitting around in limbo sitting around hoping sitting around and praying that their debt student loan debt specifically is about to disappear.
- 1:52[SPEAKER_01]: And here's what most of them do not know, the American rescue plan that was passed back in the year 2021 may suitable for given this tax-free, and honestly, at that time for the average person, that was amazing news, but here's a catch.
- 2:12[SPEAKER_01]: That protection only lasts until December 31st of this year, 2025.
- 2:17[SPEAKER_01]: So starting in January 1st of 2026, for given loans become taxable income now.
- 2:25[SPEAKER_01]: Want that to sink in?
- 2:27[SPEAKER_01]: That means if you have about $50,000, then you sit alone for given the IRS is going to treat that like you earned $50,000 and you're going to owe taxes on that $50,000.
- 2:41[SPEAKER_01]: We're talking anywhere between 5, 10, 15 to even $20,000 or more in taxes on money.
- 2:48[SPEAKER_01]: Check this out that you never even saw hit your bank account.
- 2:54[SPEAKER_01]: Let me tell you about one of our community members here in in the black Sarah Sarah is about two years older than me she's about 43 years old a single mother been paying on her student loans for almost 22 years she finally got the email y'all she finally got the email saying congratulations you qualify for forgiveness.
- 3:15[SPEAKER_01]: But then she called me, Panicking, because her financial advisor, a tax person told her that you may owe about 18,000 housing taxes.
- 3:24[SPEAKER_01]: She thought she honestly thought that forgiveness meant freedom, not a new debt to the IRS.
- 3:33[SPEAKER_01]: And that's why we're having this conversation today.
- 3:36[SPEAKER_01]: Because I refuse to let this happen to any one of you will off-guard, if that makes sense.
- 3:42[SPEAKER_01]: Let me say it properly in the correct way.
- 3:44[SPEAKER_01]: I don't want you all to get caught off-guard with this information.
- 3:48[SPEAKER_01]: Now, before we go deeper into the pseudolone situation, I need to talk to you about something that affects even more people in our community, and that's tax debt in general, because here's a reality.
- 4:01[SPEAKER_01]: Whether it's pseudolone's back taxes are IRS debt, the government does not play when you owe them money.
- 4:09[SPEAKER_01]: That's why I'm so grateful to be sponsoring today's show personally because if you're going and if you're dealing with IRS tax debt and I'm talking about anything about $5,000 or more in bad taxes, I need you to hear this real quick.
- 4:21[SPEAKER_01]: Here's what most people do, not know.
- 4:23[SPEAKER_01]: If you owe the IRS money, they can do the following.
- 4:25[SPEAKER_01]: garnish your wages without even warning you.
- 4:28[SPEAKER_01]: Put leans on your property aka your home.
- 4:31[SPEAKER_01]: Seize your bank account and that has happened to me.
- 4:34[SPEAKER_01]: In charge of penalties and interest that keep growing every single day.
- 4:39[SPEAKER_01]: That's why I've created this tool that lists websites and companies that specialize in helping yourself.
- 4:46[SPEAKER_01]: People like you if this is you who owe 5,000 or more in tax debt.
- 4:50[SPEAKER_01]: All you have to do is go to anthonyonyl.com for slash tax help.
- 4:54[SPEAKER_01]: But this is what you're going to get from these companies.
- 4:56[SPEAKER_01]: They're going to give you a free consultation with a tax resolution professional.
- 5:00[SPEAKER_01]: No obligations, this answers some of your questions and let you know what can they do for you.
- 5:05[SPEAKER_01]: They negotiate directly with the IRS on your behalf and they can help you qualify for programs like offering compromise.
- 5:12[SPEAKER_01]: That's where you settle for less than you owe, installment agreements, penalty reductions,
- 5:17[SPEAKER_01]: Currently, no collectible status if you're in real-a-tarship.
- 5:22[SPEAKER_01]: So listen, go to anthonyo.com for a sash-tags help.
- 5:25[SPEAKER_01]: All the companies listening on this page have an A plus rating with the better business bureau and they've helped thousands of people get relief from crushing tags that look.
- 5:34[SPEAKER_01]: I know talking about money, we owe, can feel shameful, but here's, there's no shame in getting help.
- 5:40[SPEAKER_01]: Proverbs chapter 15 verse 22, I believe, says that plans fail for lack of counsel, but with many advisors, they succeed.
- 5:47[SPEAKER_01]: So if you're dealing with the IRS text at a $5,000,000 or $10,000 more, click the link inside the description or go to www.anthonyo.com for sashed tags to help to get that free consultation.
- 5:59[SPEAKER_01]: And just like with pseudolone deadlines, we're hooking about today.
- 6:03[SPEAKER_01]: potentially programs have times sensitive opportunities.
- 6:07[SPEAKER_01]: Don't wait until the IRS is garnishing her paycheck, go ahead and get it taken care of.
- 6:13[SPEAKER_01]: Now let's get back to the student loan forgiveness situation because the clock is honestly ticking.
- 6:19[SPEAKER_01]: Let me give you two foundational principles that are going to guide everything we talk about today.
- 6:25[SPEAKER_01]: All right, principal number one.
- 6:27[SPEAKER_01]: Yes, forgiveness isn't always free.
- 6:30[SPEAKER_01]: just because your student loan is forgiven doesn't mean you're done.
- 6:34[SPEAKER_01]: Here's a true.
- 6:36[SPEAKER_01]: The IRS can treat forgiven debt as income and tax you on it.
- 6:42[SPEAKER_01]: Principle number two, timing is 100% every single thing.
- 6:47[SPEAKER_01]: the eligibility date matters more than the discharge date.
- 6:51[SPEAKER_01]: I'm saying it one more time.
- 6:52[SPEAKER_01]: Your eligibility date matters more than the discharge date.
- 6:58[SPEAKER_01]: This is a game changer.
- 6:59[SPEAKER_01]: Most people do not understand.
- 7:02[SPEAKER_01]: And we're going to break this down in detail in today's episode.
- 7:06[SPEAKER_01]: But before we go there,
- 7:08[SPEAKER_01]: drop in the comments right now.
- 7:10[SPEAKER_01]: Do you have student loans?
- 7:11[SPEAKER_01]: And if so, how many years have you been paying on them?
- 7:14[SPEAKER_01]: And honestly, put on there, how much do you have?
- 7:16[SPEAKER_01]: Don't be ashamed.
- 7:17[SPEAKER_01]: We're all family.
- 7:18[SPEAKER_01]: All right.
- 7:18[SPEAKER_01]: I want to know who in this community with me is dealing with this currently right now, because the truth of the fact is we are a community and we're all in this together, right?
- 7:31[SPEAKER_01]: So I want to pray for those of you all who are going through the student loans struggle right now.
- 7:40[SPEAKER_01]: December 31st isn't just another date on the calendar.
- 7:45[SPEAKER_01]: It's still lying between financial freedom and honestly for some people financial disaster.
- 7:54[SPEAKER_00]: And I want that to sit right there because we're all striving for financial freedom.
- 8:03[SPEAKER_01]: But the truth of the fact is, if we don't make the right decisions now, we can end up in a financial disaster.
- 8:09[SPEAKER_01]: And I'm going to break down this tax rule that's, that's got everybody just a little, a little confused.
- 8:16[SPEAKER_01]: You see, back in 2021, the American Rescue Plan was passed.
- 8:21[SPEAKER_01]: One of the things it did was make all federal student loan forgiveness 100% tax-free, but the rescue plan protection expires this year, December 31 of 2025.
- 8:34[SPEAKER_01]: After that, we go right back to the old rules, forgiveness becomes taxable again.
- 8:41[SPEAKER_01]: So picture a timeline with me, this should be up on the screen.
- 8:45[SPEAKER_01]: 2021, tax free forgiveness begins.
- 8:48[SPEAKER_01]: 2025, this the last year of protection.
- 8:53[SPEAKER_01]: Next year, 2022's forgiveness now becomes taxable income again.
- 9:06[SPEAKER_00]: Now who does this effect?
- 9:08[SPEAKER_01]: Let's have that conversation.
- 9:11[SPEAKER_01]: This affects people on income driven repayment players.
- 9:16[SPEAKER_01]: What are those repayment players?
- 9:18[SPEAKER_01]: Income base repayment, known as IBR, income contingent repayment, known as ICR, and pay as you earn, known as PAY,
- 9:34[SPEAKER_01]: If you've been making payments on one of these plans for 20, 25 years and you're about to hit the forgiveness, this impacts you.
- 9:45[SPEAKER_01]: Now, if you're a public service loan forgiveness, PSLF, I believe you're 100% good.
- 9:52[SPEAKER_01]: That's always been tax-free.
- 9:54[SPEAKER_01]: All right.
- 9:54[SPEAKER_01]: Teach it long for forgiveness, tax-free, disability discharge, tax-free.
- 10:04[SPEAKER_01]: you need to pay attention and dial in.
- 10:07[SPEAKER_01]: And if you're not on one of these, I need you to send this to a friend or a family member who is on one of these programs.
- 10:15[SPEAKER_01]: Now, here's where it gets really, really interesting.
- 10:19[SPEAKER_01]: On October 17, 2025, the Department of Education made a critical clarification.
- 10:25[SPEAKER_01]: And this is a breakthrough that changes 100% everything.
- 10:29[SPEAKER_01]: They said, if you become eligible,
- 10:33[SPEAKER_01]: For forgiveness in 2025, you won't owe federal taxes.
- 10:37[SPEAKER_01]: Even if your loans aren't officially discharged until 2026, do you understand what that means?
- 10:47[SPEAKER_01]: It means the date you qualify is what counts.
- 10:51[SPEAKER_01]: Not the date they zero out your balance.
- 10:56[SPEAKER_01]: That's good.
- 10:57[SPEAKER_01]: This is information.
- 10:58[SPEAKER_01]: This is huge for people stuck in a processing of backlog, because right now our company at the time of recording this we're still in front of.
- 11:07[SPEAKER_01]: So we know there's going to be a backlog over 1 million IDR applications are still being processed to this day.
- 11:15[SPEAKER_01]: And if you're one of them, this clarification just saved you thousands and thousands and thousands of dollars.
- 11:25[SPEAKER_01]: Listen to me, eligibility date beats discharge date when you're eligible.
- 11:32[SPEAKER_01]: That's more important to the day I arrest his phone.
- 11:38[SPEAKER_01]: Remember that because this will include save you 5, 10, 15, 20,000 dollars.
- 11:45[SPEAKER_01]: But now, but now we need to talk about
- 11:48[SPEAKER_01]: who this does not apply to, because that is also super critical.
- 11:53[SPEAKER_01]: It does not apply to the save plan.
- 11:57[SPEAKER_01]: The save plan is blocked by federal courts.
- 12:02[SPEAKER_01]: It's been blocked since honestly, July, I believe, with 2024.
- 12:05[SPEAKER_01]: The trip administration is eliminating it completely.
- 12:10[SPEAKER_01]: And here's the kicker.
- 12:11[SPEAKER_01]: The October clarification does not apply to save borrowers.
- 12:17[SPEAKER_01]: If you're on the save plan and you're wanting and waiting for forgiveness, you're in the stage of what I call limbo.
- 12:28[SPEAKER_01]: You need to either switch to IBR, ICR or P.A.Y.E.
- 12:31[SPEAKER_01]: before December 31st or just add it to your desk.
- 12:34[SPEAKER_01]: No.
- 12:36[SPEAKER_01]: And I'm not playing with you on this.
- 12:38[SPEAKER_01]: This is 100% urgent.
- 12:40[SPEAKER_01]: I told you all, stop relying on the White House to fix your house.
- 12:46[SPEAKER_01]: We cannot do that.
- 12:47[SPEAKER_01]: We can't.
- 12:49[SPEAKER_01]: What happens to your family if something happened to you?
- 12:54[SPEAKER_01]: I'm gonna ask out again.
- 12:54[SPEAKER_01]: What happens to your family when something happens to you?
- 12:58[SPEAKER_01]: You see, life insurance feels scary.
- 13:00[SPEAKER_01]: It feels complicated and even expensive.
- 13:03[SPEAKER_01]: But here's the thing, it doesn't have to be any more.
- 13:07[SPEAKER_01]: Most of us are walking around with no life insurance policy, but we have a name brand item.
- 13:14[SPEAKER_01]: Thinking, I'm young, I'm healthy, I got time.
- 13:19[SPEAKER_01]: And I want to be honest with you, I'm so sorry.
- 13:21[SPEAKER_01]: That's not a faith that it's pure foolishness.
- 13:25[SPEAKER_01]: Here's what I love about my friends already, those.
- 13:27[SPEAKER_01]: They've made getting term life insurance 100% simple.
- 13:32[SPEAKER_01]: No medical exams, no waiting weeks for approval.
- 13:35[SPEAKER_01]: You can get a quote online in literally 10 minutes like myself and get approved the exact same day.
- 13:41[SPEAKER_01]: We're talking coverage from $100,000 up to $2 million with absolutely no blood work.
- 13:47[SPEAKER_01]: way less than what you actually think.
- 13:49[SPEAKER_01]: Term life insurance is pure protection at a fraction of the cost of whole life insurance.
- 13:56[SPEAKER_01]: Look, I healthy 30-year-old can get a 500,000 policy for about 25,000 months.
- 14:01[SPEAKER_01]: That's less than your Netflix and Spotify combined.
- 14:05[SPEAKER_01]: Listen, your family deserves to be protected.
- 14:10[SPEAKER_01]: Don't leave them struggling in pay bills.
- 14:13[SPEAKER_01]: and funeral costs because you kept putting this on.
- 14:17[SPEAKER_01]: While you're in heaven, smiling, your family's out of your stress because of your poor decisions.
- 14:22[SPEAKER_01]: Let's stop playing games with your family's future.
- 14:25[SPEAKER_01]: Get your free quote today in 10 minutes by going to Anthonyonil.com for Sasha Yepelch.
- 14:31[SPEAKER_01]: Again, go to Anthonyonil.com for Sasha Yepelch.
- 14:37[SPEAKER_01]: And our promise you,
- 14:39[SPEAKER_01]: You will feel way better, and see better at night.
- 14:43[SPEAKER_01]: All right, let's get back to today's show.
- 14:46[SPEAKER_01]: What's going to happen?
- 14:47[SPEAKER_01]: I want to thank my friends who are doubly for sponsoring today's show.
- 14:51[SPEAKER_01]: You see with rising rent, inflation, and high interest rates, your credit score matters more than ever.
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- 16:14[SPEAKER_01]: I think it's time for us to get practical because I believe in setting up the problem, but what can I give you from a practical perspective that can help you wherever you are?
- 16:23[SPEAKER_01]: And I'm going to walk you through exactly what you need to do to protect yourself 100%.
- 16:26[SPEAKER_01]: And I want you to take some notes.
- 16:29[SPEAKER_01]: Seriously, please take some notes.
- 16:32[SPEAKER_01]: Grab a pin, open up your notes app on the phone if you listen to this on your laptop or on TV.
- 16:37[SPEAKER_01]: Because this information about it, give you is going to be urgent.
- 16:40[SPEAKER_01]: Here's action step number one.
- 16:43[SPEAKER_01]: Check your repayment plan.
- 16:44[SPEAKER_01]: I need you to do this today, all right?
- 16:47[SPEAKER_01]: Here's how.
- 16:48[SPEAKER_01]: Go to studentaid.gov, log in with your FSA ID, navigate to the MyAid section, and look at loan breakdown.
- 16:59[SPEAKER_01]: You need to identify which repayment plan you are honestly on.
- 17:04[SPEAKER_01]: Listen, don't guess, don't speculate, do this.
- 17:07[SPEAKER_01]: Are you an IBR, ICR?
- 17:10[SPEAKER_01]: pay E, P-A-Y-E, like you need to understand what exactly, what plan are you exactly on?
- 17:19[SPEAKER_01]: Are you on safe?
- 17:20[SPEAKER_01]: And if you are, we've got a problem.
- 17:22[SPEAKER_01]: You need to switch immediately.
- 17:25[SPEAKER_01]: Action Step Number 2.
- 17:28[SPEAKER_01]: Calculate your payment timeline.
- 17:32[SPEAKER_01]: account how many years you've been making payments.
- 17:35[SPEAKER_01]: This is super important for income driven repayment plans.
- 17:38[SPEAKER_01]: You need 20 to 25 years for forgiveness.
- 17:42[SPEAKER_01]: If you're not sure I need to call your loan servicer and get 100% clarity.
- 17:46[SPEAKER_01]: I cannot stress this enough.
- 17:49[SPEAKER_01]: I need you to do this today.
- 17:51[SPEAKER_01]: This week bare minimum.
- 17:53[SPEAKER_01]: Which leads me to ask you
- 17:58[SPEAKER_01]: Check to see if you have any notifications.
- 18:00[SPEAKER_01]: Look for emails from the Department of Education.
- 18:04[SPEAKER_01]: Check your student A.gov account for any updates that they possibly have pushed through.
- 18:09[SPEAKER_01]: And if you're eligible in 2025, document the date.
- 18:13[SPEAKER_01]: Screenshot it, print it, and save it on your laptop or your phone and your photos app some kind of way.
- 18:20[SPEAKER_01]: Because this date is your proof, because we know the government can sometimes be trippin'
- 18:28[SPEAKER_01]: I saw this on my student aid.gov website.
- 18:31[SPEAKER_01]: This is what you all have to honor.
- 18:33[SPEAKER_01]: You can't change it now.
- 18:36[SPEAKER_01]: Which leads me to the last step.
- 18:38[SPEAKER_01]: Reapply, if you are previously rejected.
- 18:42[SPEAKER_01]: It's nothing wrong with asking again.
- 18:44[SPEAKER_01]: If you are rejected from the IBR because of the financial hardship requirement, I need you to reapply.
- 18:51[SPEAKER_01]: That requirement has been removed if I'm not mistaken.
- 18:54[SPEAKER_01]: You might qualify now even if you didn't before.
- 18:57[SPEAKER_01]: All right, last actionable step, number five.
- 19:02[SPEAKER_01]: Research is state tax rules.
- 19:05[SPEAKER_01]: This is a lot of people skip over this.
- 19:08[SPEAKER_01]: A lot of people skip over this.
- 19:09[SPEAKER_01]: Even if you don't owe federal taxes, some states will tax your forgiven loans.
- 19:15[SPEAKER_01]: States like North Carolina, Mississippi, and I believe Indiana, they have their own rules.
- 19:22[SPEAKER_01]: Google your state name, plus student loan forgiveness tax.
- 19:26[SPEAKER_01]: Don't let this honestly blind side you.
- 19:31[SPEAKER_01]: I want to tell you about my friend, Marcus, who's in our community.
- 19:33[SPEAKER_01]: And Marcus is 46 years old.
- 19:36[SPEAKER_01]: He's been paying on the income contingent repayment plan.
- 19:40[SPEAKER_01]: I think for 20, don't give me the lie, about 20 plus years.
- 19:44[SPEAKER_01]: I think he's right around 25, about I think in between 20, 25 years.
- 19:48[SPEAKER_01]: He got his eligibility notice in November, right?
- 19:51[SPEAKER_01]: Of last year.
- 19:55[SPEAKER_01]: Actually, no, no, no, I'm sorry.
- 19:57[SPEAKER_01]: It was October this year, actually, just a couple of weeks ago, but his loan won't actually be this charge until February of 2026.
- 20:05[SPEAKER_01]: I'm saying it again.
- 20:07[SPEAKER_01]: He just received the notice.
- 20:09[SPEAKER_01]: That's what it was.
- 20:11[SPEAKER_01]: This October, but he got it earlier this year, but he just got he just got the notification, but it's not going to be this charge until February of next year, 2026.
- 20:22[SPEAKER_01]: Under the old understanding, he would owe taxes because his discharge happened in 2026.
- 20:28[SPEAKER_01]: But because of the October clarification of this year that he received it, he's completely tax-free.
- 20:34[SPEAKER_01]: Why?
- 20:35[SPEAKER_01]: Because he was eligible in 2025.
- 20:40[SPEAKER_01]: So Mark is just saved right around.
- 20:42[SPEAKER_01]: I want to say 14 to $15,000 if I'm not mistaken, don't quote me on that, but he saved a lot of money.
- 20:50[SPEAKER_01]: Now I want you to pause this video right now.
- 20:54[SPEAKER_01]: I want you to write down these five steps.
- 20:58[SPEAKER_01]: Put them on your refrigerator.
- 21:00[SPEAKER_01]: Put them on your bathroom mirror, set a reminder on your phone, and make this a priority.
- 21:09[SPEAKER_01]: you have until December 31st.
- 21:13[SPEAKER_01]: At the time of this video coming out, she wrote around what mid-arttober, it's gonna sound to you.
- 21:18[SPEAKER_01]: I have a lot of time, but with holidays coming up, process and delays, and over 1 million applications in backlog, you need to start today.
- 21:30[SPEAKER_01]: As a matter of fact, you needed to start yesterday.
- 21:32[SPEAKER_01]: I mean, yeah, yesterday, not tomorrow, not next month.
- 21:38[SPEAKER_00]: But no later than this week, we tend to get comfortable.
- 21:48[SPEAKER_01]: We tend to get, okay, I got 30 days.
- 21:51[SPEAKER_01]: I say no, when we wake up, oh shoot, I should have did this last month because we got so comfortable.
- 21:59[SPEAKER_01]: I do not want this for my community, for our community.
- 22:05[SPEAKER_01]: I don't want us to get caught off guard.
- 22:07[SPEAKER_01]: I don't want us to waste any money that we do not have to waste.
- 22:11[SPEAKER_01]: I need us to get on top of this now.
- 22:14[SPEAKER_01]: If this is going to impact you, listen, if this is helping you, we're already at the million plus.
- 22:23[SPEAKER_01]: I think we're like a 1 million, 20,000 subscribers.
- 22:26[UNKNOWN]: Wow.
- 22:29[SPEAKER_01]: If you're just now watching this video, this is what we do.
- 22:34[SPEAKER_01]: Hit that subscribe button and join this community because we're building a community of people who refuse to stay in debt and are committed to building a life of true financial freedom.
- 22:44[SPEAKER_01]: Let's say you belong here, you belong part of this community, please join us by hitting that subscribe button.
- 22:53[SPEAKER_01]: Now I want to talk to you about some of the mistakes I see people making.
- 22:58[SPEAKER_01]: Because knowing what not to do, it's just as important as knowing what to do.
- 23:04[SPEAKER_01]: Here's my statement number one, waiting for the discharge.
- 23:07[SPEAKER_01]: Most people think I'll deal with it when my loans are actually forgiven.
- 23:12[SPEAKER_01]: Heck no, wrong.
- 23:13[SPEAKER_01]: You need to act now to ensure you're in the right plan because if you wait until your loans are discharged and you're in a wrong plan, it's gonna be too late.
- 23:26[SPEAKER_01]: Here's a mistake number two.
- 23:29[SPEAKER_01]: Assuming all forgiveness is the same because the truth of the fact is,
- 23:34[SPEAKER_01]: not all forgiveness programs have the same tax treatment.
- 23:38[SPEAKER_01]: PSLF, I think, is 100% always tax-free.
- 23:43[SPEAKER_01]: IDR forgiveness only tax-free through the end of this year, 2025.
- 23:47[SPEAKER_01]: You've got to know which category you're in.
- 23:51[SPEAKER_01]: Seriously, right?
- 23:53[SPEAKER_01]: Here's some estate number three.
- 23:56[SPEAKER_01]: Ignoring state taxes.
- 23:58[SPEAKER_01]: Even if you don't owe federal taxes, some states will tax your forgiveness, you're forgiven loans.
- 24:05[SPEAKER_01]: So I need you to check which estate department of revenue or attorney general's office and you should be doing this to the person who's doing and preparing your taxes.
- 24:14[SPEAKER_01]: they should be able to let you know, like, yes, your state will charge you or know your good.
- 24:20[SPEAKER_01]: All right.
- 24:21[SPEAKER_01]: So listen, this is extremely extremely important.
- 24:26[SPEAKER_01]: This information that we have
- 24:41[SPEAKER_01]: The three main takeaways I need you to remember is the December 31st deadline is real.
- 24:50[SPEAKER_01]: If you become eligible for forgiveness in 2025, you won't owe federal taxes.
- 24:55[SPEAKER_01]: Even if your discharge happens in 2026, but you must be in a right plan and meet eligibility requirements before the end of the year.
- 25:09[SPEAKER_01]: If you're on the save plan, this protection does not apply to you, and I need you to either switch over to one of the programs, if you qualify or get an understanding that you're going to, oh, steal and this should be included inside your desk no ball in the last thing is the eligibility date.
- 25:27[SPEAKER_01]: because that date beats the discharge date.
- 25:30[SPEAKER_01]: Remember, it's not about when your loans are zeroed out.
- 25:34[SPEAKER_01]: It's about when you become eligible.
- 25:36[SPEAKER_01]: That's the date that determines your tax treatment.
- 25:40[SPEAKER_01]: All right, listen, I know student loans have been
- 25:44[SPEAKER_01]: and wait all of our soldiers for years, maybe even decades.
- 25:52[SPEAKER_01]: You've sacrificed a lot of you have struggled, a lot of us have wondered if we will ever be 100% dead free.
- 26:03[SPEAKER_01]: But honestly, this is your moment.
- 26:05[SPEAKER_01]: This is the breakthrough that I think some of you have been praying for.
- 26:13[SPEAKER_01]: I'll tell you one of the things that we struggle with within our community is, I think, what will dream, what even write down a plan, but we won't execute.
- 26:22[SPEAKER_01]: So I need you to act.
- 26:25[SPEAKER_01]: God opens doors, but you have to walk through the door.
- 26:31[SPEAKER_01]: You just can't sit there.
- 26:33[SPEAKER_00]: This is your door.
- 26:36[SPEAKER_00]: Don't let it close.
- 26:38[SPEAKER_01]: Go through those five steps again.
- 26:40[SPEAKER_01]: Work it hard, all right.
- 26:43[SPEAKER_01]: Now, we're gonna be doing more things, bring a more information, make sure to be locked into the channel.
- 26:48[SPEAKER_01]: This is why you need to be subscribed and because what I'm doing is as new information comes out.
- 26:52[SPEAKER_01]: If I can't get into the studio, I'll jump in front of my computer on my phone and do a quick update on our lives.
- 26:58[SPEAKER_01]: This is why I need you to subscribe.
- 27:01[SPEAKER_01]: All right, I need you to dial in and be locked in because I'm going to help you get out of the red and get into the black and we're going to be announcing something here very, very, very soon that I believe is going to be powerful and helpful for you that will further help you not just get out of single loan debt but get you out of debt completely and get you to building wealth now we're going to walk it through the entire process.
- 27:23[SPEAKER_01]: I really cannot wait.
- 27:24[SPEAKER_01]: So hit that subscribe button check out all of our partners.
- 27:28[SPEAKER_01]: a links inside of the show notes, listen, do not play with the IRS.
- 27:32[SPEAKER_01]: Please go to anthonyl.com for us that has tax help and get the help that you need because I do not want you trying to get out of debt and then you get your wages garnished because you got comfortable thinking I'll just pay them whenever.
- 27:43[SPEAKER_01]: So, if you found this helpful, do me a quick favor.
- 27:47[SPEAKER_01]: I share this video with someone who has student loans.
- 27:50[SPEAKER_01]: This information could change their life.
- 27:52[SPEAKER_01]: Send it to your group chat, post it on your story, email it to your sister, to your brother.
- 27:57[SPEAKER_01]: Let's make sure nobody in our community and connected to our community gets caught.
- 28:02[SPEAKER_01]: in this tax trap.
- 28:04[SPEAKER_01]: Remember, if I'm going to answer a freedom, isn't just about getting out of debt.
- 28:08[SPEAKER_01]: It's about staying out and building a life God has designed for us.
- 28:13[SPEAKER_01]: You should go ahead and you'll know.
- 28:17[SPEAKER_01]: And I'll see you in the next show.
- 28:18[SPEAKER_01]: You've got this.
- 28:19[SPEAKER_01]: Peace out.