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Exclusive: Do you make too much for student loan forgiveness? Here's how to figure out whether you qualify – TalkOfNews.com

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Do you make too much for student loan forgiveness? Here's how to figure out whether you qualify

#student #loan #forgiveness #Here039s #figure #qualify

If you’re one of the millions of Americans with student loans, President Joe Biden’s forgiveness plan may be welcome relief.

However, there are some key things to know about the income limits, experts say.

Biden will cancel $10,000 for most borrowers or up to $20,000 for Pell Grant recipients, limited to those making less than $125,000 per year or $250,000 for married couples filing together or heads of household.

And financial advisors have already received a flurry of client questions, including whether their income may be too high to qualify for the debt relief.

More from Personal Finance:
Are your student loans eligible for federal forgiveness? What we know
What President Biden’s student loan forgiveness means for your taxes
‘It’s a game changer.’ Pell Grant recipients react to student loan forgiveness

“I have a lot of clients who are somewhere on the cusp,” many of whom are mid-career, dual-earning households, said Ethan Miller, a certified financial planner and founder of Planning for Progress, specializing in student loans in the Washington, D.C., area. 

Adjusted gross income is the ‘magic number’

You may be eligible for forgiveness if your AGI was below the $125,000 or $250,000 thresholds in either the 2020 or 2021 tax year.

And 2020 may be significant for anyone who lost a job or earned less during the first year of the pandemic, according to CFP Tommy Lucas, an enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.

How to calculate adjusted gross income

You calculate AGI by adding up your earnings — including salary, interest and more — and subtracting the items on Part II of Schedule 1 on your tax return, explained Lucas.

Some of those items may include deductible individual retirement account or health savings account contributions, educator expenses and more, he said.

For example, eligible couples under 50 who made deductible IRA deposits may have reduced adjusted gross income by $12,000 for 2020 or 2021. 

For most individuals, your gross income and adjusted gross income are going to be pretty close, if not the same.

Tommy Lucas

Financial advisor at Moisand Fitzgerald Tamayo

“The big one is the deductible IRA,” Lucas said. However, the deadline for 2020 or 2021 IRA contributions has already passed.

But if you made a deductible IRA contribution for either year, you’ll want to make sure it was included on Schedule 1 of your tax return and reflected in your AGI.

If not, you can consider amending your tax return electronically, especially if reducing your AGI by that amount “makes or breaks it” for forgiveness eligibility, Lucas said.

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Of course, it may take time for the IRS to process an amended return, so you’ll want to act quickly, he said.

AGI may vary more for self-employed borrowers

If you’re a full-time Form W-2 worker without other income or deductible IRA contributions, it’s less likely you’ll see a difference between gross income and adjusted gross income, Lucas said.

Self-employed filers or contract workers, however, typically have more opportunities to reduce AGI, including certain retirement plan deposits, health insurance premiums, one-half of self-employment tax and more, he said.

“But for most individuals, your gross income and adjusted gross income are going to be pretty close, if not the same,” Lucas said.

Where to find your AGI

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Exclusive: Jim Cramer says these 3 apparel stocks benefit from return to office – TalkOfNews.com

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Jim Cramer says these 3 apparel stocks benefit from return to office

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CNBC’s Jim Cramer on Friday offered investors a list of clothing stocks that he believes will see upside as workers continue returning to the office.

“After the huge run in the apparel stocks, I recommend ringing the register on the lower quality ones, so that you can swap into something better,” he said.

Shares of PVH, the parent of Calvin Klein and Tommy Hilfiger, surged on Thursday after the company reported better-than-expected results for its latest quarter and strong quarterly guidance. 

Other apparel companies including Abercrombie & Fitch and American Eagle also delivered upside surprises this week, sending their stock higher.

Here are Cramer’s favorite apparel stock picks:

PVH

Ralph Lauren

Lululemon Athletica

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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Exclusive: What is Click Fraud? Here's What You Can Do to Prevent It – TalkOfNews.com

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What is Click Fraud? Here's What You Can Do to Prevent It

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Ever since the mechanics behind ad tech (and digital marketing in general) became effective enough to be considered a reliable source of revenue, there was an issue of shady people getting into it with malicious intent and trying to make use of it the other way around. 

(more…)

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Exclusive: Looks like sex tech startup Lora DiCarlo is done for – TalkOfNews.com

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Looks like sex tech startup Lora DiCarlo is done for

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Lora DiCarlo, a sex tech startup that made headlines in 2019 after being blacklisted from the Consumer Electronics Show, seems to have shut down. The company’s website is offline and reportedly orders have gone unfulfilled for months.

TechCrunch has reached out to the eponymous founder for confirmation, but it sure looks like the end of the line for a briefly promising high-tech sex toy enterprise.

Founded in 2017, Lora DiCarlo was one of a new wave of tech-forward sexual health companies headed up by women. It won an innovation award at CES 2019 for, as our writer put it at the time, “a hands-free device that uses biomimicry and robotics to help women achieve a blended orgasm by simultaneously stimulating the G-spot and the clitoris.”

But then the Consumer Technology Association, which runs CES, withdrew the award and banned the company from exhibiting at the show. Their explanation at the time was that neither the company nor its devices “fit a product category.”

Predictably, this attracted immediate blowback and allegations of sexism, prudery and generally bad judgment. Everyone was on Lora DiCarlo’s side, and the publicity was invaluable, she later told TechCrunch at Disrupt: “I think they actually did us a pretty big favor.” The company raised $2 million around that time, and about $9 million total over its five years of operation.

But despite a big return to the show in 2020 (and a coveted TC+ feature, of course), the company seems to have faltered during the pandemic — perhaps falling victim to the same chip shortages and manufacturing problems even established hardware makers encountered.

As chronicled by Women’s Health, the last few months seem to have been Lora DiCarlo’s last, as various aspects of a functioning commercial enterprise began to fail: orders weren’t going out, stock was gone at retail partners and personnel have left. The site went down earlier this month and is down still. Although there has not been any official announcement, it certainly does seem that the company is kaput.

It’s too bad, but finding success as a hardware startup is hard enough without a pandemic and the stigma on sex toys adding drag. We’ll update this article if we hear back from DiCarlo.

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