Internal Revenue Code:Sec. 6050S. Returns relating to higher education tuition and related expenses
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Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle F - Procedure and Administration
CHAPTER 61 - INFORMATION AND RETURNS
Subchapter A - Returns and Records
PART III - INFORMATION RETURNS
Subpart B - Information Concerning Transactions With Other Persons
Statute
Sec. 6050S. Returns relating to higher education tuition and
related expenses
(a) In general
Any person -
(1) which is an eligible educational institution which enrolls
any individual for any academic period;
(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
(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 one 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, and
(2) contains -
(A) the name, address, and TIN of any individual -
(i) who is or has been enrolled at the institution and with
respect to whom transactions described in subparagraph (B)
are made during the calendar year, or
(ii) with respect to whom payments described in subsection
(a)(2) or (a)(3) were made or received,
(B) the -
(i) aggregate amount of payments received or the aggregate
amount billed for qualified tuition and related expenses with
respect to the individual described in subparagraph (A)
during the calendar year,
(ii) aggregate amount of grants received by such individual
for payment of costs of attendance that are administered and
processed by the institution during such calendar year,
(iii) amount of any adjustments to the aggregate amounts
reported by the institution pursuant to clause (i) or (ii)
with respect to such individual for a prior calendar year,
(iv) aggregate amount of reimbursements or refunds (or
similar amounts) paid to such individual during the calendar
year by a person engaged in a trade or business described in
subsection (a)(2), and
(v) aggregate amount of interest received for the calendar
year from such individual, and
(C) 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) 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 amounts described in subparagraph (B) 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(d)(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.
Sources
(Added and amended Pub. L. 105-34, title II, Sec. 201(c)(1),
202(c), Aug. 5, 1997, 111 Stat. 804, 808; Pub. L. 105-206, title
III, Sec. 3712(a), (b), title VI, Sec. 6004(a)(2), July 22, 1998,
112 Stat. 781, 792; Pub. L. 107-16, title IV, Sec. 412(a)(2), June
7, 2001, 115 Stat. 63; Pub. L. 107-131, Sec. 1, Jan. 16, 2002, 115
Stat. 2410.)
Amendment of Section
AMENDMENT OF SECTION
For termination of amendment by section 901 of Pub. L. 107-16,
see Effective and Termination Dates of 2001 Amendment note below.
Miscellaneous
AMENDMENTS
2002 - Subsec. (a)(1). Pub. L. 107-131, Sec. 1(a), amended par.
(1) generally. Prior to amendment, par. (1) read as follows:
''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;''.
Subsec. (b)(1). Pub. L. 107-131, Sec. 1(b)(1), inserted ''and''
at end.
Subsec. (b)(2)(A). Pub. L. 107-131, Sec. 1(b)(2), amended subpar.
(A) generally. Prior to amendment, subpar. (A) read as follows:
''the name, address, and TIN of the individual with respect to whom
payments or interest described in subsection (a) were received from
(or were paid to),''.
Subsec. (b)(2)(B). Pub. L. 107-131, Sec. 1(b)(4), amended subpar.
(B) generally. Prior to amendment, subpar. (B) read as follows:
''the -
''(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) aggregate amount of reimbursements or refunds (or
similar amounts) paid to such individual during the calendar year
by the person making such return, and and
''(iv) aggregate amount of interest received for the calendar
year from such individual, and''.
Pub. L. 107-131, Sec. 1(b)(3), redesignated subpar. (C) as (B)
and struck out former subpar. (B) which read as follows: ''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''.
Subsec. (b)(2)(C), (D). Pub. L. 107-131, Sec. 1(b)(3),
redesignated subpars. (C) and (D) as (B) and (C), respectively.
Subsec. (d). Pub. L. 107-131, Sec. 1(c)(1), struck out ''or (B)''
after ''subparagraph (A)'' in introductory provisions.
Subsec. (d)(2). Pub. L. 107-131, Sec. 1(c)(2), substituted
''subparagraph (B)'' for ''subparagraph (C)''.
2001 - Subsec. (e). Pub. L. 107-16, Sec. 412(a)(2), 901,
temporarily substituted ''section 221(d)(1)'' for ''section
221(e)(1)''. See Effective and Termination Dates of 2001 Amendment
note below.
1998 - Subsec. (a). Pub. L. 105-206, Sec. 6004(a)(2), amended
heading and text of subsec. (a) generally. Prior to amendment,
text read as follows: ''Any person -
''(1) which is an eligible educational institution which
receives payments for qualified tuition and related expenses with
respect to any individual for any calendar year, or
''(2) which is engaged in a trade or business and which, in the
course of such trade or business -
''(A) makes payments during any calendar year to any
individual which constitutes reimbursements or refunds (or
similar amounts) of qualified tuition and related expenses of
such individual, or
''(B) except as provided in regulations, 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.''
Subsec. (b)(2)(C)(ii). Pub. L. 105-206, Sec. 3712(a)(1), added
cl. (ii). Former cl. (ii) redesignated (iii).
Subsec. (b)(2)(C)(iii). Pub. L. 105-206, Sec. 3712(a)(1), (2),
redesignated cl. (ii) as (iii) and inserted ''by the person making
such return'' after ''year''. Former cl. (iii) redesignated (iv).
Subsec. (b)(2)(C)(iv). Pub. L. 105-206, Sec. 3712(a)(1), (3),
redesignated cl. (iii) as (iv) and inserted ''and'' at end.
Subsec. (d)(2). Pub. L. 105-206, Sec. 3712(b)(1), struck out
''aggregate'' before ''amounts''.
Subsec. (e). Pub. L. 105-206, Sec. 3712(b)(2), inserted
''(without regard to subsection (g)(2) thereof)'' after ''section
25A''.
1997 - Subsec. (a)(2). Pub. L. 105-34, Sec. 202(c)(1), amended
par. (2) generally. Prior to amendment, par. (2) read as follows:
''which is engaged in a trade or business and which, in the course
of such trade or business, makes payments during any calendar year
to any individual which constitute reimbursements or refunds (or
similar amounts) of qualified tuition and related expenses of such
individual,''.
Subsec. (b)(2)(A). Pub. L. 105-34, Sec. 202(c)(2)(A), inserted
''or interest'' after ''payments''.
Subsec. (b)(2)(C)(iii). Pub. L. 105-34, Sec. 202(c)(2)(B), added
cl. (iii).
Subsec. (e). Pub. L. 105-34, Sec. 202(c)(3), inserted at end '',
and except as provided in regulations, the term 'qualified
education loan' has the meaning given such term by section
221(e)(1)''.
EFFECTIVE DATE OF 2002 AMENDMENT
Pub. L. 107-131, Sec. 2, Jan. 16, 2002, 115 Stat. 2411, provided
that: ''The amendments made by section 1 (amending this section)
shall apply to expenses paid or assessed after December 31, 2002
(in taxable years ending after such date), for education furnished
in academic periods beginning after such date.''
EFFECTIVE AND TERMINATION DATES OF 2001 AMENDMENT
Amendment by Pub. L. 107-16 applicable with respect to any loan
interest paid after Dec. 31, 2001, in taxable years ending after
such date, see section 412(a)(3) of Pub. L. 107-16, set out as a
note under section 221 of this title.
Amendment by Pub. L. 107-16 inapplicable to taxable, plan, or
limitation years beginning after Dec. 31, 2010, and the Internal
Revenue Code of 1986 to be applied and administered to such years
as if such amendment had never been enacted, see section 901 of
Pub. L. 107-16, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1998 AMENDMENT
Pub. L. 105-206, title III, Sec. 3712(c), July 22, 1998, 112
Stat. 782, provided that: ''The amendments made by this section
(amending this section) shall apply to returns required to be filed
with respect to taxable years beginning after December 31, 1998.''
Amendment by section 6004(a)(2) of Pub. L. 105-206 effective,
except as otherwise provided, as if included in the provisions of
the Taxpayer Relief Act of 1997, Pub. L. 105-34, to which such
amendment relates, see section 6024 of Pub. L. 105-206, set out as
a note under section 1 of this title.
EFFECTIVE DATE OF 1997 AMENDMENT
Amendment by section 202(c) of Pub. L. 105-34 applicable to any
qualified education loan (as defined in section 221(e)(1) of this
title) incurred on, before, or after Aug. 5, 1997, but only with
respect to any loan interest payment due and paid after Dec. 31,
1997, and to the portion of the 60-month period referred to in
section 221(d) of this title after Dec. 31, 1997, see section
202(e) of Pub. L. 105-34, set out as a note under section 62 of
this title.
EFFECTIVE DATE
Section applicable to expenses paid after Dec. 31, 1997 (in
taxable years ending after such date) for education furnished in
academic periods beginning after such date, see section 201(f) of
Pub. L. 105-34, set out as a note under section 25A of this title.
References
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 6724 of this title.
