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Amounts received by an employee under a written educational assistance plan are excluded from taxable income, up to $5,250 per year.
The amount received should not be included in Box 1 of Form W-2.
The general rule is that no "double benefits" are allowed. You may still be able to claim some portion of the American Opportunity Tax Credit or the Lifetime Learning Credit. However, the amount reported in Box 1 of Form 1098-T must be reduced by the amount of any tax-free educational assistance received from your employer
For more information, please see IRS Pub. 970 Tax Benefits for Education.
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