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tschmanke
Oct 30, 2007, 06:14 AM
At our state universities, cash gifts are given to students as awards for various programs. These students are US residents. Is there a limit as to how much a student can receive per year? If they receive a total of $600 from any state agency source in a calendar year, we do issue a 1099. Just wondering if there is any kind of legal limit.
AtlantaTaxExpert
Oct 30, 2007, 06:50 AM
There is NO legal limit that I know of, as long as the amounts are properly reported using Form 1099, which apparently they are.
tschmanke
Oct 30, 2007, 06:56 AM
Thank you. I didn't think there was. It's so hard to really find answers on the IRS site.
AtlantaTaxExpert
Oct 30, 2007, 10:49 AM
Glad to help!