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No, Coronavirus Response and Relief Supplemental grants are not taxable, nor do they reduce your Qualified Higher Education Expenses for the purpose of claiming an education credit or deduction.
You not required to enter any information about them on your tax return and your school shouldn't issue a 1099-MISC showing these amounts as income.
No, Coronavirus Response and Relief Supplemental grants are not taxable, nor do they reduce your Qualified Higher Education Expenses for the purpose of claiming an education credit or deduction.
You not required to enter any information about them on your tax return and your school shouldn't issue a 1099-MISC showing these amounts as income.
The CRRSAA money is not taxable income and does not need to be reported, as income.
The answer to your 2nd question, do you reduce by QHEE expense by the amount received from CRRSAA/American Rescue, is a little more wishy washy. If the money was used to pay tuition, yes you cannot claim that portion for the credit. But if you used the money for something else, e.g. food, you can still claim the tuition paid. Reference:
Very straight forward response and extremely helpful. Thank you!!
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