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Deductions & credits
I believe you are correct. The CARES act extends the tuition benefit for employees to also covering student loan payments, but the employer can't just hand out checks. They must have a qualified tuition plan in place and follow all the usual rules (no favored employees, etc.). To the extent that other cafeteria plans are disallowed for SE and 5% shareholders, this extra benefit is also disallowed.
December 14, 2020
10:59 AM