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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.
Well, I can tell you one thing that may affect your thinking.
When you receive a lump-sum retroactive Social Security Disability payment, there is a specific provision in the tax law which allows you to make a special tax computation in order to avoid exactly what you are concerned about.
Generally, the way it works is that in order to determine the tax on the lump-sum payment, you determine the tax by figuring the tax on the lump-sum payment as if the Social Security payment was actually received in the years that it applies to. That generally works to reduce the income taxes on the retro-active payment.
Given that, there doesn't appear to be any reason to defer pursuing any student loan discharges that you may be able to obtain.
100% of the Social Security Disability income is not taxed, so I would need to know how much of the 48K-50K you mentioned above represents SSDI. Since the 24K of prior year's disability payments won't affect your current year's tax bracket, if you've excluded that from the 48K-50K, that's fine, but I would need to know how much SSDI you did include in the 48K-50K estimate. Also, you would need to estimate how much loan forgiveness you may receive. All that said, I would expect that any such forgiveness would be taxed at 15%, up to approximately a total of $80,000. in taxable income.