Refunding a student credit balance to parents

January 8, 2021

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Q. We are a university and we have a student that has died with a credit balance remaining on their student account. The parents have asked us to process a check in their name rather than to the estate of the student. What is our legal obligation? Any reference to law would be appreciated.  A. (Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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