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1099 reportability of tuition refunds

September 13, 2023
September 13, 2023


Q. We are an insurance company who issued a surety bond to a school. The school closed and students made claims with us for tuition refunds. The students signed a release in exchange for their claim payment. Is this payment reportable on a 1099 issued to the student? A. (Answered by IOFM's third-party tax experts) If the payments are refunding tuition money the students previously paid to the school, those are not Form 1099 reportable because they're a return of the students' money, not "gains,…

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