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February 15, 2022
2022-0270

IRS adds two FAQs on COVID-19-related Higher Education Emergency Grants

The IRS has added (FS-2022-22) two frequently asked questions (FAQs) to its FAQs for Higher Education Emergency Grants. New FAQ 8 asks whether a college student whose school is using federal funds under COVID-19-relief legislation to discharge the student's overdue balances must include the discharged amount in income; the answer is no. New FAQ 9 asks whether IRC Section 6041 requires a college to report on Form 1099-MISC these discharge payments of a student's overdue tuition or fee balance; the answer is also no.

 

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