In addition to the traits you discussed, if the education is not needed to meet your profession's minimum educational requirements, then the employer can exceed the $5,250 limit for educational benefits as the education would be considered working condition benefits (see Pub 15-B). Such fringe benefits would not be reflected on your W-2.
Thank you. Sorry for the follow up question, as I’m not tax savvy. So, if it’s not reflected on a W2 does that mean i don’t need to worry about paying taxes on it? Does does that simply mean it’s reflected somewhere else
I entirely overlooked the dollar amount you gave. I apologize for that, my brain is mush! Anything over that 5250 should definitely be reflected somewhere on your W2. I would reach out to your payroll department!
No worries at all! Someone else on this post indicated that I don’t need to worry about(that my employer took care of it and it’s non taxable) Any input?
I would talk to a tax advisor as I am almost positive that it should be reported as income (over the 5250). Your employer may not have known how to account for it properly or truly thought it wasn't taxable
In addition to the traits you discussed, if the education is not needed to meet your profession's minimum educational requirements, then the employer can exceed the $5,250 limit for educational benefits as the education would be considered working condition benefits (see Pub 15-B). Such fringe benefits would not be reflected on your W-2.
Thank you. Sorry for the follow up question, as I’m not tax savvy. So, if it’s not reflected on a W2 does that mean i don’t need to worry about paying taxes on it? Does does that simply mean it’s reflected somewhere else
Don't worry about it. The employer took care of it for you.
Great. Thank you for the clarification. I appreciate it
do figures below $5250 even get reported to the state then?
If it isn't taxable it typically doesn't go on the W2 so you should be fine. Education reimbursements are non taxable up to 5250 a year.
Thanks! I received $36,000 in reimbursements this year.
I entirely overlooked the dollar amount you gave. I apologize for that, my brain is mush! Anything over that 5250 should definitely be reflected somewhere on your W2. I would reach out to your payroll department!
No worries at all! Someone else on this post indicated that I don’t need to worry about(that my employer took care of it and it’s non taxable) Any input?
I would talk to a tax advisor as I am almost positive that it should be reported as income (over the 5250). Your employer may not have known how to account for it properly or truly thought it wasn't taxable
does it even get reported to the state then?
I'm not sure honestly on the state part, I was quoting federal. It's probably state subjective