Anybody know anything about this tax break?

[Steeler]

It's supposed to start this week, my employer is asking if I want to opt in or out.
I don't know much about it other than I've heard that Trump says he will forgive the debt if re elected.
So, if I take it and it's forgiven, then great.
What if I don't take it and it's forgiven? Have I just donated $2000 to the government? Is there a way to get it back?
My boss says I'm an idiot if I were to take it, because it's guaranteed to be owed next year.
???????

 

[jitter77]

Only thing I read about it was it with holds SS tax which should give you about 6% extra take home pay. This article says about double withholding in the first 4 months of 2021 to compensate. I know if my employer offers it and I have a choice I will not take the deferral.

https://www.cnbc.com/2020/09/01/tod...-payroll-tax-deferral-heres-what-we-know.html

 

[Stainless]

Is it actually known as this tax break?

 

[Steeler]

So much conflicting information! Why can't this **** just be cut and dry?

 

[Steeler]

Ok, the president's order states:

Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.

Now the kicker appears to be that IF the deferral is forgiven, and you had opted out, it looks to me like you just screwed yourself out of that money.
I'm thinking of opting in, and just putting that money away in case it has to be paid back.

 

[oneforthebus]

It's supposed to start this week, my employer is asking if I want to opt in or out.
I don't know much about it other than I've heard that Trump says he will forgive the debt if re elected.
So, if I take it and it's forgiven, then great.
What if I don't take it and it's forgiven? Have I just donated $2000 to the government? Is there a way to get it back?
My boss says I'm an idiot if I were to take it, because it's guaranteed to be owed next year.
???????

Was just talking about this. Thinking we take it and put the exact amount in a savings account. If it's forgiven. great. If not, we have the money to pay it back. I don't like giving the government one more penny than I have to.

That said if you are in some kind of dire straits I'm guessing you are much more likely to be able to get it forgiven, no matter who's in office. If you're still earning a decent living, you'll likely have to pay it back.