With the new year starting, this is a good time to clarify information regarding payments to T.E.A.C.H. and Step Up to WAGE$ recipients, potential tax consequences and the issuance of 1099s.
For recipients of T.E.A.C.H. Early Childhood scholarships and Step Up to WAGE$ payments, you will receive 1099 from AECA if your total payments in 2023 exceeded $600. It is the responsibility of scholars and recipients to report the income on their 2023 tax return.
If you want more information about the various income categories, you can read this document.
Disclaimer: This is not tax advice. Please see your tax preparer or contact the IRS for guidance. #arkansasece #aeca2024 #keyplayers #stepuptowagesarkansas #teacharkansas