My student loan lender bank rewarded me 1% of student loan for being a good student. I received 2 checks $1450 (in 2023) and $1250 (in 2024). I had little income in 2023. The bank didn't send 1099-MISC for 2023 check. They sent 1099-MISC of $2700 this year. How do I report this income?
After entering this as a 1099-MISC, my Fed refund reduces by about $2244 and state refund reduces by about $420 totaling $2664 refund reduction. Does this make sense?
For the second part of the question - I entered data under Wages and Income tab - section Income From Form 1099-MISC.
