Back in December I filed to be on ICR. There was a post at the top for those who have old loans if we switch to ibr or ICR and already have 300 IDR month credits, we wouldn't get the tax bomb.
When I switched to ICR, it said I owe 269, which I can't afford. Maybe I should have just tried for a forbearance, but decided to file my taxes married filing single. Which set my payment to 0.
My husband goes to file on turbo tax, and it says he would owe $3200 in taxes. We are going to a tax professional next Wednesday. He made have made a mistake. He's not happy with me. Last tax year we filed joint, and only owed $500.
Here is the kicker the amount I would owe to the school loan on ICR for the year is roughly the same as my husband would owe in taxes. $3200.
I feel like I'm getting screwed no matter what I do. My loan still hasn't been forgiven.
My husband said he rather owe the school loan rather than the IRS.I don't know what to do any more. If for some reason ICR goes away, and I get kicked on the new IBR or rap. I believe both require 360 months. Forbarance doesn't qualify towards the extra 60 months.
I give up messed up either way.
byu/TapeGunDragon inStudentLoans
Posted by TapeGunDragon
1 Comment
Have you looked to see what your actual payment counts are? I looked through your post history and if your loans date back to 1994, you almost certainly should have 300 or more with the one time adjustment.
Log into [studentaid.gov](http://studentaid.gov) and go here: [https://studentaid.gov/app/api/nslds/payment-counter/summary](https://studentaid.gov/app/api/nslds/payment-counter/summary)
Do it on Chrome and click the “pretty print” button at the top.
Tell us what the numbers say for ICR and for IBR (either IBR plan). What are those numbers? If they are over 300, then just be patient, as the forgiveness is coming. If ICR is NOT showing 300, but IBR is, you may wish to consider switching to IBR so your forgiveness gets processed sooner rather than later.