Tuition Remission Hi
Really confused by this. I'm enrolled in a part-time graduate program at my University, where I also work. I received tuition remission for the program, but it was included as taxable income for me in my paychecks and now on my w2. For several paychecks, I had taxes taken out of my take home pay with no additional income actually added on to the paycheck. When I got my w-2, the total tuition remission amount was added onto my w-2 wages for the year, so my yearly wages are way higher than in past years. This has increased my owing tax for the year and reduced several credits I used to get, i.e. child tax credit because my income is now too high. Do I subtract the $5250 from my w-2 listed wages? My employer put it all in there and I think they're doing it wrong? Please advise, |