Here are some resources to help you with your Education Award:
Having problems with your Award? Try using the help desk through the MyAmeriCorps portal or call the National Service Trust at 1-800-942-2677. The Trust is staffed by live operators from 8:00-6:00 EST. The intro is long, so you can press 2 for "My AmeriCorps" questions, or 3 for Segal Education Award questions.
Education Award and Taxes
Both interest payments and payments from educational award accounts have been determined to be taxable income. They are included as income in the tax year the payment is mailed to the school or loan company. The Trust will report to the IRS the total of all payments that were made on a member’s behalf. An IRS form 1099 (Misc Income) will be mailed to the member in January following each year in which at least $600 worth of payments were made on the member’s behalf. This form will let the member know the total amount of his/her payments from the previous year.
If you're concerned about tax implications of using your education award, the best resource is to speak with the IRS or ayour tax professional. Your tax burden may be mitigated somewhat by federal income tax laws regarding educational credits and deductions for student loan interest payment. IRS Publication 970, Tax Benefits for Education, explains these credits and deductions in detail. The following helpful tips and links were provided by Richard Melo from the Northwest Regional Educational Laboratory: