Really need some prayer warriors on my behalf!

[MissyG]

Hello everyone!

Just posting to ask for prayers about a situation that is going on with me. Because I am disabled I worked through the Department of Education to have my student loans discharged. I have a masters degree in Elementary Education so you can imagine what my student loan bill is. I worked through the process and my student loans were discharged. I was so relieved and felt this was such a blessing because without the teacher's salary that came along with that student debt there was no way I could make the payments.

Fast forward to tax time in April. When doing my taxes (my husband and I filed separately) I discovered that the entire balance that was forgiven was counted as income for 2013. Nowhere in my application paperwork or my letter letting me know that my debt was discharged was it mentioned that this could happen. So congratulations, you are disabled and we know you can't pay back your student loans, but....we expect you to now pay a $20,000 IRS bill. I am working with a CPA to file paperwork with the IRS to see if I can find a solution to this, but it is causing me a lot of stress and worry. I am trying hard to cast my cares on the Lord and know that He is always in control....but the flesh is weak and I tend to be an intense worrier and also suffer from anxiety and depression so I am praying and working hard to not let this send me into depression, which is not a good place to be.

Please pray specifically in agreement with me that this issue can be worked through with the best possible outcome. I already struggle with finances and I don't know how I will deal with this if we can't find another solution.

Thank you everyone in advance.....The prayers of righteous men are powerful and effective!

 

[mightymen]

You have my prayers.

Being your on disability and have no income, I don't think you have any thing to worry about.

IRS can forgive debt under hardship and etc, Here's a link to a blog with some new ruling.

Here is the biggest change:

Previously, Offer amounts to settle back taxes were calculated by multiplying 48 months of one's "allowable" disposable income. The new rule? 12 months. that's a 75% reduction of what you had to Offer previously! Here's a direct quote from the IRS memorandum:
Tax Resolution Talk - notes on the tax res. industry by Jay Freeborne, EA

 

[ncolwell]

I will be praying for your situation.

The enemy loves to steal from God's people. Every day, remind him that you are a King's Kid, and as a King's Kid, you are protected by God. Satan is trying to steal your joy; don't let him do it!

God is your provider, and He will fight on your behalf. Stay strong and don't let the enemy lie to you about your situation. $20,000 seems like a lot to us, but to the God who owns the cattle on a thousand hills, it's nothing. God is more than able to handle this situation for you. Rely on Him and trust that He will see you through.

 

[blondeambition3]

Hello everyone!

Just posting to ask for prayers about a situation that is going on with me. Because I am disabled I worked through the Department of Education to have my student loans discharged. I have a masters degree in Elementary Education so you can imagine what my student loan bill is. I worked through the process and my student loans were discharged. I was so relieved and felt this was such a blessing because without the teacher's salary that came along with that student debt there was no way I could make the payments.

Fast forward to tax time in April. When doing my taxes (my husband and I filed separately) I discovered that the entire balance that was forgiven was counted as income for 2013. Nowhere in my application paperwork or my letter letting me know that my debt was discharged was it mentioned that this could happen. So congratulations, you are disabled and we know you can't pay back your student loans, but....we expect you to now pay a $20,000 IRS bill. I am working with a CPA to file paperwork with the IRS to see if I can find a solution to this, but it is causing me a lot of stress and worry. I am trying hard to cast my cares on the Lord and know that He is always in control....but the flesh is weak and I tend to be an intense worrier and also suffer from anxiety and depression so I am praying and working hard to not let this send me into depression, which is not a good place to be.

Please pray specifically in agreement with me that this issue can be worked through with the best possible outcome. I already struggle with finances and I don't know how I will deal with this if we can't find another solution.

Thank you everyone in advance.....The prayers of righteous men are powerful and effective!

Praying in agreement with you that Father ordains the forgiveness of all your debt.

... I also agree with ncolwell.... Satan is trying to rob you of your Peace and Joy with all of this 'Earthly' bondage.... You're a King's Kid! Rejoice in the LORD always!