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Do I need to claim tuition payment on my W2. There is no tuition reimbusement policy at my company and I was instructed by my CFO that I needed to get a degree to perform my current position. I started an Associate Program at Strayer University in 2010. I was never issued a W2 with this added information. Our company was acquired and has informed me that this needs to be added to my W2. I have researched the issue and found an IRS Publicaiton 970 that states I may qualify for exclusion as a working condition benefit.
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Edward J. Dimon
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you should speak with your accountant about this issue. we have an excellent accountant with whom we work. ed dimon, esq.
Answered on Dec 10th, 2012 at 11:23 AM
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That is distinctly possible. Assuming your characterization to be correct, you would have been entitled to deduct the tuition expense if you had paid it yourself, since it was necessarily incurred in order to retain your qualification for your current job. Internal Revenue Code Section 132(d) covers this.
Answered on Dec 06th, 2012 at 3:24 PM