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Acting to help you explain the fresh standard impact off a great COVID rescue provision passed this past year, the fresh new Irs has launched in See 2022-1 (Notice) that loan providers are not required to, and cannot, issue Forms 1099-C when certain figuratively speaking is actually discharged. Loan providers as well as their servicers is work today to examine the income tax reporting measures having compliance to your See.
By way of background, the Western Cut Package Operate regarding 2021 (ARPA) revised Point 108 of one’s Interior Cash Password (Code) to expand the kinds of discharges from student loan obligations one to is excluded of income. Continue reading « Irs States No Form 1099-C Needed for Particular Student loan Discharges »