I want to confirm that I am filing my taxes correctly. Here is my situation:
My employer reimburses my tuition up to $8000 a year, with $5250 of that being tax-free. The rest of that amount is considered taxable income and included in my W2. This is the exact written communication by my company:
"If you receive more than $5,250 in benefits under this Plan in a calendar year, the amounts you receive over $5,250 are taxable income to you. Any amounts over $5,250 must be included on your W-2 for the year the benefit was disbursed"
For 2023 I paid $7730 total in tuition and was reimbursed the full amount. Since I received the additional funds as taxable income am I able to count the difference towards my education credits? Since I paid $2480 over the non taxable amount and was reimbursed via my W2, I should be able to claim that amount for the education credits, correct? It does not appear my tuition reimbursement was included in an special boxes on my W2 and appears to have been included with my overall wages.
I just wanted to make sure I am ok to claim this excess amount since it was added on my W2
