Did you know that you can exclude certain educational assistance benefits from your gross income if they’re provided under Section 127 educational assistance programs? Educational assistance benefits include payments for tuition, fees, books, supplies and equipment. They also include certain principal or interest payments on qualified education loans made by employers. Generally, taxpayers don’t have to pay tax on the amount of benefits up to $5,250 per calendar year, and their employers shouldn’t include the benefits in their wages, tips and other compensation shown in box 1 of their Form W-2. For more information from the IRS in the form of FAQs: https://bit.ly/3VQYpjn. Contact the Cg Team with questions. © 2024