My company pays for my EMBA tuition directly to the business school, but doesn’t deduct taxes or include it in my W2. My university sent me a letter capturing the tuition payments for the year. Will I need to declare the tuition payments that my company made as part of my filing and pay appropriate taxes, based on the university letter? Can it be claimed as a deduction?
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It depends on how much they paid.
@IsabellaG A follow on question here. If the employer provides the tuition as an advance and declares it as a business expense, does this still need to be reported on my taxes?
If it is a taxable event it will be listed on your W-2 so there is nothing more you need to do.
@Critter-3 can you elaborate on that? what would constitute a taxable event? If it shows up on the W-2 then it would count towards my taxes for the year, correct?
My main questions:
If it shows up on the W-2 then it would count towards my taxes for the year, correct? Correct
My main questions:
@Critter-3 thank you for your response. Sorry, but I don't understand what you mean by "Until the amount is forfeited you have paid no taxes on the amount that was free thru the employer plan..." And in regards to the second half of your statement, I'm assuming the limit for the amendment is only up to the $5250, correct? Or would I be able to recoup all the taxes paid, if I have paid the employer back the full >$5250 amount awarded.
Can the working-condition fringe benefit not be used to treat the amount over $5250 as a business expense and therefore not taxable?
This is not the simplest concept to explain in a forum such as this and you don't seem to be understanding the concept and in fact are going deeper into the rabbit hole ...please seek local professional assistance and/or your employer for clarification on this matter.
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