Section 6050S(b)(2) of the Internal
Revenue Code requires persons (financial institutions, governmental
units, etc.) to report $600 or more of interest paid on student
loans to the IRS and the students.
US Code:
26
USC 6050S Name of Law: Returns relating to higher education
tuition and related expenses
The burden has increased
significantly due to the increased number of students taking
multiple student loans for their higher education. The burden
reflects an increase of 13,386,931 responses and 1,606,432
hours.
$2,000
No
No
No
No
No
Uncollected
Melody Devoe 2022837635
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.