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Education
It depends. According to this Turbo Tax link both Champ Carl and georgesT give very good answers.
- If your employer reimbursement is included in your W2 wages, you may claim an educational credit.
- If not, then no.
- In the current tax law, employer can pay an employee up to $5,250 in educational assistance benefits each year on a nontaxable basis. The exclusion applies whether or not the courses taken are related to the employee's current job responsibilities or are part of a degree program.
- Any amount paid by your employer over $5250 is taxable to you and that excess amount that is taxable can be claimed as an educational credit to you.
- Remember, these are educational expenses leading to either a BA or MA degree and not designed to improve job skills.
- I hope this helps but reach back to us anytime.
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‎April 5, 2021
11:36 AM