Underlined text was added by the IRS Restructuring and Reform
Act of 1998.
[Red italicized and bracketed text] indicates words that were deleted.
SEC. 6050S. RETURNS RELATING TO HIGHER EDUCATION TUITION AND RELATED EXPENSES.
(a) IN GENERAL- Any person--
(1) which is an eligible educational institution--
(A) which receives payments for qualified tuition and related expenses with respect to any individual for any calendar year, or
(B) which makes reimbursements or refunds (or similar amounts) to any individual of qualified tuition and related expenses,
(2) which is engaged in a trade or business of making payments to any individual under an insurance arrangement as reimbursements or refunds (or similar amounts) of qualified tuition and related expenses, or [and which, in the course of such trade or business,]
(3) except as provided in regulations, which is engaged in a trade or business and, in the course of which, receives from any individual interest aggregating $600 or more for any calendar year on 1 or more qualified education loans
shall make the return described in subsection (b) with respect to the individual at such time as the Secretary may by regulations prescribe.
(b) FORM AND MANNER OF RETURNS- A return is described in this subsection if such return--
(1) is in such form as the Secretary may prescribe,
(A) the name, address, and TIN of the individual with respect to whom payments described in subsection (a) were received from (or were paid to),
(B) the name, address, and TIN of any individual certified by the individual described in subparagraph (A) as the taxpayer who will claim the individual as a dependent for purposes of the deduction allowable under section 151 for any taxable year ending with or within the calendar year, and
(i) aggregate amount of payments for qualified tuition and related expenses received with respect to the individual described in subparagraph (A) during the calendar year,
(ii) the amount of any grant received by such individual for payment of costs of attendance and processed by the person making such return during such calendar year,
(iii)[(ii)] aggregate amount of reimbursements or refunds (or similar amounts) paid to such individual during the calendar year by the person making such return,
(iv)[(iii)]aggregate amount of interest received for the calendar year from such individual, and
(D) such other information as the Secretary may prescribe.
(c) APPLICATION TO GOVERNMENTAL UNITS- For purposes of this section--
(1) a governmental unit or any agency or instrumentality thereof shall be treated as a person, and
(2) any return required under subsection (a) by such governmental entity shall be made by the officer or employee appropriately designated for the purpose of making such return.
(d) STATEMENTS TO BE FURNISHED TO INDIVIDUALS WITH RESPECT TO WHOM INFORMATION IS REQUIRED- Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return under subparagraph (A) or (B) of subsection (b)(2) a written statement showing--
(1) the name, address, and phone number of the information contact of the person required to make such return, and
(2) the [aggregate] amounts described in subparagraph (C) of subsection (b)(2).
The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(e) DEFINITIONS- For purposes of this section, the terms `eligible educational institution' and `qualified tuition and related expenses' have the meanings given such terms by section 25A (without regard to subsection (g)(2) thereof), and except as provided in regulations, the term "qualified education loan" has the meaning given such term, by section 221(e)(1).
(f) RETURNS WHICH WOULD BE REQUIRED TO BE MADE BY 2 OR MORE PERSONS- Except to the extent provided in regulations prescribed by the Secretary, in the case of any amount received by any person on behalf of another person, only the person first receiving such amount shall be required to make the return under subsection (a).
(g) REGULATIONS- The Secretary shall prescribe such regulations as may be necessary to carry out the provisions of this section. No penalties shall be imposed under part II of subchapter B of chapter 68 with respect to any return or statement required under this section until such time as such regulations are issued.'.
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