1. Yes, the amount over $5250 is on your w2 in box 1 as taxable income. See Educational assistance programs can be used to help pay which states: By law, tax-free benefits under an educational assistance program are limited to $5,250 per employee per year. Normally, assistance provided above that level is taxable as wages.
1. b. Taxable income is taxable income. Paying a little tax versus paying all of that money to the school, worth it. Plus, the credits may eliminate the tax.
2. Enter the 1098-T like it shows.
3. Yes
4. Yes
5. Nope
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