Received $1,500 from my university through CARES Act funding. Do I have to put this anywhere? Do I qualify for the stimulus credit or does this $1,500 count against that?
Received $1,500 from my university through CARES Act funding. Do I have to put this anywhere? Do I qualify for the stimulus credit or does this $1,500 count against that?
If you received a Higher Education Education Emergency Relief Fund and Emergency Financial Aid Grant under the CARES Act, it is not includible in taxable income and does not preclude you from receiving the stimulus payment.
See question 1 in this IRS press release which states:
Is this grant includible in my gross income?
A1: No. Emergency financial aid grants under the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations on account of the COVID-19 pandemic, such as unexpected expenses for food, housing, course materials, technology, health care, or childcare, are qualified disaster relief payments under section 139 of the Internal Revenue Code. This grant is not includible in your gross income.
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