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    tschmanke's Avatar
    tschmanke Posts: 3, Reputation: 1
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    #1

    Oct 30, 2007, 07:14 AM
    University gifts to students - limit?
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Oct 30, 2007, 07:50 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's Avatar
    tschmanke Posts: 3, Reputation: 1
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    #3

    Oct 30, 2007, 07:56 AM
    Thank you. I didn't think there was. It's so hard to really find answers on the IRS site.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Oct 30, 2007, 11:49 AM
    Glad to help!
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