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#1
07-10-2008, 05:39 PM
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 Re: Tax credit On Jul 10, 10:54*am, "Chris Ruehrwein" <crueh...[at]mathworks.com> wrote: - quote - > If you company provides Tution assistant. Is there any tax benefit? Tax benefit for who? The company? The employee? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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07-10-2008, 03:25 PM
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| Re: Tax credit Chris Ruehrwein wrote: - quote - > If you company provides Tution assistant. Is there any tax benefit?
Yes, in most cases. It does not show up as a credit, but rather asincome not included in your W-2 box 1 amount. If your employer is an educational institution, see Pub 970 ch. 1 for the rules, generally you can receive a tuition reduction tax-free. Otherwise, if your employer has a qualified plan, up to $5,250 of educational assistance can be excluded from wages for tax purposes, see Pub 970 ch. 11 (or better yet, ask you employer). -Mark Bole -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
07-10-2008, 02:54 PM
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| Tax credit If you company provides Tution assistant. Is there any tax benefit? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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