Hello,
I finished my degree end of December 2020. January 2021,my employer paid me 6k for tuition. it shows as tution taxable on my payslip. my question is do I put this on my 2021 taxes in turbo tax? If so, I'm not sure where to put this? When I go to Education, it makes me fill out like I went to school in 2021 but I didn't go or pay the school anything in 2021. I was done with the school end of Dec 2020. my employer only reimbursed me in Jan 2021. Any advice is appreciated.
Thank you!
Up to $5,250 in employer-provided tuition assistance, also known as employer educational assistance or employer tuition reimbursement, can be excluded from an employee's income each year. If the tuition assistance was paid to you and is above $5,250, the excess should already be included in your wages and reported on line of your form W-2.
If you had no education expenses in 2021, there is nothing to include in the Education section of TurboTax.
Wait for your W-2. For your 2021 tax return, you (most likely) do nothing other than report the W-2 exactly as received. As the other answer said, the usual way is for $5250 to be tax free and the other $750 to be included as taxable income in box 1 of your W-2. But you said "it shows as tuition taxable on my payslip".
To give you a more precise answer, we need to know:
-How much was tax free and how much was taxable for 2021
- Did you claim an education credit, on your 2020 tax return, based on the $6000 you paid?
You may need to file an amended 2020 return to claim the tuition credit.