Episode•October 21, 2022•18 min

Everything You Need to Know About Student Loan Forgiveness Updates, IRS Dates, & More | Ep. 152

Every Friday at 12 PM EST, Tiffany goes live on Facebook, Instagram, YouTube, and Twitter to review the latest financial news so you can stay in the know! In this episode, she goes over ANOTHER student loan forgiveness update, important IRS dates (and u may be getting a letter 👀), SSA updates, and are your FSA funds about to run out? 🤔 Tune in for all these details and more! Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Student loan forgiveness application is not yet released
White House released a preview of the form showing it will only require name, DOB, SSN, phone, and email
No tax returns or FSA ID needed; income verification will pull from 2020/2021 tax returns automatically
Sign up for notifications at the official government website to be alerted when the application launches
2
FSA funds have a hard deadline of December 31, 2022
CARES Act rollover provisions end this year; any unused balance may be forfeited
If rollover is allowed by employer, maximum carryover is $570
Use funds for eligible medical expenses before year-end; consider HSA for future flexibility
3
Social Security payments will increase 8.7% in 2023
Largest cost-of-living adjustment in 42 years to combat inflation
Applies to retirement, survivor, and disability benefits
Funded by current workers' contributions, highlighting importance of employment
4
IRS sending letters about unclaimed COVID-era payments
Approximately 9 million people may be eligible for unclaimed stimulus, child tax credit, or dependent care credit
Payments can reach $3,600 per child plus $1,400 stimulus and up to $8,000 dependent care credit
Non-filers have until November 15 to submit a simplified return; extension filers must file by October 17

Intro

Tiffany Grant hosts the weekly Finance Friday Live, breaking down the latest personal finance news including student loans, taxes, and government benefits.
Tiffany Grant is a financial coach and host of the Money Talk with Tiff podcast, delivering weekly updates on personal finance topics across multiple platforms.

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– Student Loan Forgiveness Update

The application form has not been released yet. The White House preview shows a simple form requiring only basic personal information.

There is no, you don't have to upload any tax returns or anything like that. You don't need your FSA ID... All they literally asked for was your name, your date of birth, your social security number, your phone number and an email address.
– Tiffany Grant

Income will be verified automatically using 2020 or 2021 tax returns. Sign up for notifications on the official government site.

– FSA Funds Deadline Approaching

CARES Act provisions allowing FSA rollovers end December 31, 2022. Any unused funds may be lost unless your employer allows a limited $570 rollover.

Please use up your FSA money... If you have a medical expense that you need to do, definitely get that done before December 31st if you have an FSA.
– Tiffany Grant

HSAs are recommended over FSAs because they allow funds to roll over indefinitely without the use-it-or-lose-it rule.

– Social Security COLA Increase

Social Security benefits will rise 8.7% in 2023—the largest increase in 42 years—to help recipients keep pace with inflation.

This is great news for our seniors and stuff out there, or people that get social security... your checks are getting bumped 8.7%.
– Tiffany Grant

Benefits are funded by current workers, underscoring the importance of high employment levels.

– IRS Letters & Tax Deadlines

The IRS will mail letters to ~9 million people who may qualify for unclaimed stimulus payments, child tax credits, or dependent care credits.

If you get a letter from the IRS, it could be good news. It might not be something bad. So make sure you're checking your mail.
– Tiffany Grant

October 17: Extension filers must submit returns
November 15: Non-filers claiming stimulus/child tax credit via simplified return
November 15: Kentucky/Missouri disaster victims
February 15: Hurricane Ian affected areas (Florida)

Resources

Topics

student loansFSASocial SecurityIRStax deadlinesCOVID reliefchild tax creditpersonal financegovernment benefits