Hello,
My student loan institution closed down in 2024 and moved my loan to another institution. They provided me with a 1099-MISC in 2024. It is a cash reward, due to good grades. I received the cash back in 2021, 2022, and 2023. None in 2024. The 1099-MISC has lumped all my cash rewards over the years since they closed down and reported it this year. When I spoke to them, they said ideally they would have spread the cash rewards over the years.
When I enter my 1099-MISC I get taxed a lot since its a lump sum vs. the smaller amounts over the year. Assume the financial institution cannot help me.
Can someone guide me on how to report this accurately? It is not a personal business and I feel I should not be taxed since the amounts have been less than $600 over the years vs lump sum this year.
