Tuition Remission I'm working at a university as a Financial Analyst (I manage budgets and grants) and I'm getting a part-time MBA at the school. The MBA program is job related, improves the skills I need for my current job and won't qualify me for a new business. I'm planning to stay in the finance industry after graduation.
The university is providing tuition remission for these classes, but I'm being charged income tax on the value. I shouldn't be charged this tax because of the above reasons. When I get my W2, it's going to be higher as well because of the tuition remission.
How should I correctly report my income on the 1040? I can have a different value on the income line vs what's on the W2 and include a memo that explains this difference, or is there a better way of doing this? |