Second Round of Emergency Grants to Students Will Require 1098-T Reporting
A recent IRS notice requires that certain student grant funds provided under the stimulus bill passed in late 2020 will need to be reported on Forms 1098-T.
ED’s FSA Partner Connect Sets March Debut Date
The portal, expected to be available on March 28, will provide easier access to more than 15 existing FSA websites currently used by partners, including higher education institutions, state agencies, third-party servicers, private collection agencies, and loan servicers. It also will replace the Information for Financial Aid Professionals (IFAP) website.
IRS Revises 1098-T Guidance on Emergency Grants to Students
Following advocacy from NACUBO, the IRS has clarified that colleges and universities will not need to separately track or note emergency grants to students for purposes of 2021 Form 1098-T reporting, nor should they issue Forms 1099-MISC.