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December 21, 2021

IRS publishes guidance for lenders and loan servicers on certain discharged student loans

The IRS has announced (Notice 2022-01) that lenders and servicers of certain student loans should not file Forms 1099-C, Cancellation of Debt, or submit payee statements for student loan debt under IRC Section 6050P to report the discharge of student loans excluded from gross income under IRC Section 108(f)(5), as amended by the American Rescue Plan Act of 2021, for tax years 2021-2025.