My USG employer paid some of my student loans. It's on my W2 Box 14. Employer says CARES and IRC 127 made a portion non-taxable. Where do I account for this in TT?

[jdp2102]

My Student Loan Repayment (SLR) Benefit Notice (0510) from my employer tells me what portion is not taxable, I just don't know where to put this in TurboTax online.

[MaryK4 · Accepted solution]

The taxable portion should already be accounted for on your W2 in Box 1,3,5- the Box 14 amount is for your information.  If you are not sure, contact your employer.

Legislation signed into law at the close of 2020 extended for five years COVID-19 relief that allows employer-provided student loan repayment as a tax-free benefit to employees under Section 127 of the Internal Revenue Code. Through 2025, employers can continue to make contributions of up to $5,250 per employee annually toward student loan assistance without raising the employee's gross taxable income.