in Education
2263925
Hello,
My employed has reimbursed full amount of 6717.50$
I see in the W2 an amount of 1467.50 is included and I understand that 5250$ is non-taxable and is not part of my wages.
My question is, can i claim the amount 1467.50$ even though that amount has been reimbursed by the employer?
To sum it up, I have 0 invested for the college last year, but looking for clarity if the amount beyond 5250 can be claimed or not.
Thanks
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Q. Even though that's not from my pocket, correct?
A. Yes.
It may be identified as tuition reimbursement, on your pay stub. But, for the IRS, it is additional taxable compensation (wages/salary). For tax deduction purposes, it did come out of your pocket.
The first (untaxed) $5250 of reimbursement is treated differently. That did not "come out of your pocket".
Yes, since $1467.50 was paid with your after tax money, you may count that amount in claiming a tuition credit or deduction.
Even though that's not from my pocket, correct? Thanks
Q. Even though that's not from my pocket, correct?
A. Yes.
It may be identified as tuition reimbursement, on your pay stub. But, for the IRS, it is additional taxable compensation (wages/salary). For tax deduction purposes, it did come out of your pocket.
The first (untaxed) $5250 of reimbursement is treated differently. That did not "come out of your pocket".
Perfect! Thank you!
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