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1099-MISC reporting of goods awarded to student
April 16, 2024
Q. Is the value of goods awarded to a student reportable as an award on 1099-MISC if the payment of tangible personal property is sourced from donor funds? Example: The university awards tools to a student, purchased with a donor-funded gift to school. Donor's intent is to provide support for a student enrolled in a course requiring tools.
A.
(Answered by IOFM's third-party tax experts)
If the University selected the recipient and made the award, the University (not the donor) has the…
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