I received money from my employer for put towards my Student Loans through the CARES Act. It is tax free. Do I need to submit it on my taxes even though it is tax free?
I received money from my employer for put towards my Student Loans through the CARES Act. It is tax free. Do I need to submit it on my taxes even though it is tax free?
How much did you receive? If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. This means your employer should not include the benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2. irs.gov
Any amount reported on your w-2 box 14 is for your information only. Any taxable amount will be included in box 1 on your W-2.
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No. The CARES Act allows employers to pay up to $5,250 toward student loans on behalf of employees, tax free. If your employer paid more than $5250, the excess is already included in box 1 of your W-2.