My employer rewarded my tuition. When i moved out the company, i have to pay cheque them fund. Can i discount that?
My employer paid $7,520 surrounded by 2006 and 2007 for my tuition. I left the company contained by 2007. Since i did not fulfil my 2 year requirement with the company, i have to pay posterior the entire amount. Is this amount paid vertebrae to my employer tax deductible?
Answers: Let's see. The company offered to income your tuition. You got a benefit for that and didn't reward incomne tax on the money received. The company immediately wants you to money them back (otherwise they'd supply you a W-2 for the $7520).
Presumably you originally paid the tuition and they reimbursed you. Then the *only* presumption available is to amend the tax returns for 2006 and 2007 to claim an childhood credit since you are now the personality who paid the bill.
It is deductible. Typically, an employer would freshly take it out of your wages. But, if that's not your situation, consequently you can deduct it.
HOWEVER, you enjoy to itemize deductions to claim it. It would be a Misc. deduction which, I think, may enjoy to be reduced by 2% of your adjusted gross income.
You might want to see a pro on this one.
If you claimed it as income when you received it, later you can deduct it. But this is one you should help yourself to to a CPA, it isn't something turbotax or H&R Block would likely touch properly.
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Answers: Let's see. The company offered to income your tuition. You got a benefit for that and didn't reward incomne tax on the money received. The company immediately wants you to money them back (otherwise they'd supply you a W-2 for the $7520).
Presumably you originally paid the tuition and they reimbursed you. Then the *only* presumption available is to amend the tax returns for 2006 and 2007 to claim an childhood credit since you are now the personality who paid the bill.
It is deductible. Typically, an employer would freshly take it out of your wages. But, if that's not your situation, consequently you can deduct it.
HOWEVER, you enjoy to itemize deductions to claim it. It would be a Misc. deduction which, I think, may enjoy to be reduced by 2% of your adjusted gross income.
You might want to see a pro on this one.
If you claimed it as income when you received it, later you can deduct it. But this is one you should help yourself to to a CPA, it isn't something turbotax or H&R Block would likely touch properly.