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Education
Q. Should the amount above $5250 be taxed at my highest Federal Tax rate?
A. Yes.
Q. So, how do I avoid taxes?
A. Since that money was taxed (the amount above $5250), it is considered your money and not employer tax free reimbursement. And it was used to pay qualified educational expenses (tuition & fees), so you may use that amount to calculate and claim a tuition credit. You may not count the $5250 of tax free money to calculate the credit.
‎July 2, 2020
4:45 PM