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Returning Member
posted Mar 18, 2022 6:08:18 PM

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?

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.

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1 Best answer
Expert Alumni
Mar 18, 2022 6:29:05 PM

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.

1 Replies
Expert Alumni
Mar 18, 2022 6:29:05 PM

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.