This is my first time handling this so I want to make sure things are submitted properly.
I received a 1099- MISC form for the loans that were paid out for my college degree. The loan repayment is listed in box 3 which is under "other income". I know this is definitely not taxable as the listed quantity was to pay the loan balance to my lender once I graduated. I know the 1099-MISC is considered as income from a personal business but I never even saw this money. The foundation that gave me the grant arranged a call with me and my lender to which they sent a check in order to pay off the loan balance. How do I go about reporting this? Do I need to provide proof of my loan balance from my lender's account portal?
