Hello,
I have a few part question regarding employer tuition reimbursement, W-2 and my tax return:
1. If my employer tuition reimbursement is <=$5,250 I assume it will not show up in box 1 of my W-2?
2. If my employer tuition reimbursement is >$5,250, will only the difference between the actual and $5,250 show up in box 1 of my W-2? Will the employer then withhold taxes out of this difference?
3. On my tax return, I assume I need to report the 1098T that I get from the college? What form is that?
a. Do I report exactly what I paid from the 1098T, or only the difference from what I paid and the $5,250 (if reimbursement was >$5,250)
b. Do I report exactly what I paid from the 1098T, if tuition reimbursement was<=$5,250? Or do I not report the 1098T at all?
Thanks in advance.
