G
graysp
Guest
What is the name of your state? tx
last year, i was out of work for approx. 6 months ... during that time i received two letters stating if i didn't resume my payroll deducted loan( from my retirement fund - tsp) payments within ninety 90day (ending on 12/06/02) that my loans would have to be automatically re-amortized or I would have to repay the entire balance owing and the amount would be claimed as earned income for that year.
(1)due to my illness in 2002, my income was only approx $7800 total (2)my mother (who had lived with me and shared household expenses) passed away late in 2001, which created another financial hardship on me for 2002. ... it was not a very good year for me!
consequently, i wanted the loans to be declared as earned income because (1)i desperately needed to have the $320 per month being deducted from my paycheck as usable income and (2)even with the balances declared as earned income for 2002, I would still be receiving a tax refund.
i did return to work, but it was after the 90 day deadline had passsed; and, on the loan deductions resumed from my pay check. i called the retirement fund and explained that they were supposed to have sent me a loan reamorization package, but i had not received it.
I still did not receive the package, so I called again! Their answer was sorry about that, they had goofed up. But, since the loan payments were now being made, they would not reamortize or declare the outstanding amounts as earned income!
i feel this is a breach of contract on their part .... i want the balances to be declared earned income. what can i do?
last year, i was out of work for approx. 6 months ... during that time i received two letters stating if i didn't resume my payroll deducted loan( from my retirement fund - tsp) payments within ninety 90day (ending on 12/06/02) that my loans would have to be automatically re-amortized or I would have to repay the entire balance owing and the amount would be claimed as earned income for that year.
(1)due to my illness in 2002, my income was only approx $7800 total (2)my mother (who had lived with me and shared household expenses) passed away late in 2001, which created another financial hardship on me for 2002. ... it was not a very good year for me!
consequently, i wanted the loans to be declared as earned income because (1)i desperately needed to have the $320 per month being deducted from my paycheck as usable income and (2)even with the balances declared as earned income for 2002, I would still be receiving a tax refund.
i did return to work, but it was after the 90 day deadline had passsed; and, on the loan deductions resumed from my pay check. i called the retirement fund and explained that they were supposed to have sent me a loan reamorization package, but i had not received it.
I still did not receive the package, so I called again! Their answer was sorry about that, they had goofed up. But, since the loan payments were now being made, they would not reamortize or declare the outstanding amounts as earned income!
i feel this is a breach of contract on their part .... i want the balances to be declared earned income. what can i do?
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