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March 30, 2021
2021-0673

IRS issues FAQs on how students and higher education institutions should report COVID-19-related emergency financial aid grants

The IRS has announced (IR-2021-70) its issuance of frequently asked questions (FAQs) on how students, colleges and universities should report COVID-19-related emergency financial aid grants. Generally, students should not include emergency financial aid grants in gross income, and higher education institutions need not file or furnish Forms 1099-MISC reporting grants made available by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the COVID-related Tax Relief Act (COVID Relief Act).

 

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