Another tax question- school related

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bettybcafe
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Another tax question- school related

So DH started going to school. His job pays for this. Basically he has to pay for his classes out of pocket each term and then he gets reimbursed by his job. He just started his second term. Going to school is not job related he is going to school for something totally different then his job. Here is my question, I just received form 1098-T in the mail which is to report tution expenses. I enter this info. and it shows we get a pretty big refund but if the job is paying for his school (even though we have to pay out of pocket first) do we still have to report this info? and is it right that we are getting money back? Thank you

Message edited 1/24/2011 3:52:08 PM.

Posted 1/24/11 3:49 PM

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Cheeks24
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Re: Another tax question- school related

I'm pretty sure the company will ask for this so they can write it off.

Posted 1/24/11 3:54 PM

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Christine
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Re: Another tax question- school related

Posted by bettybcafe

So DH started going to school. His job pays for this. Basically he has to pay for his classes out of pocket each term and then he gets reimbursed by his job. He just started his second term. Going to school is not job related he is going to school for something totally different then his job. Here is my question, I just received form 1098-T in the mail which is to report tution expenses. I enter this info. and it shows we get a pretty big refund but if the job is paying for his school (even though we have to pay out of pocket first) do we still have to report this info? and is it right that we are getting money back? Thank you

If your DH is reminbursed for the expense it would be wrong to take the full deduction. I think his company will (or should) issue a 1099 for this additional income that will offset the expense.

Posted 1/24/11 4:01 PM

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bettybcafe
Big brother in the making

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Re: Another tax question- school related

Posted by Christine

Posted by bettybcafe

So DH started going to school. His job pays for this. Basically he has to pay for his classes out of pocket each term and then he gets reimbursed by his job. He just started his second term. Going to school is not job related he is going to school for something totally different then his job. Here is my question, I just received form 1098-T in the mail which is to report tution expenses. I enter this info. and it shows we get a pretty big refund but if the job is paying for his school (even though we have to pay out of pocket first) do we still have to report this info? and is it right that we are getting money back? Thank you

If your DH is reminbursed for the expense it would be wrong to take the full deduction. I think his company will (or should) issue a 1099 for this additional income that will offset the expense.

I see. I already got the w2 for his job but never got a 1099. Should I request this?

Posted 1/24/11 4:03 PM

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LSP2005
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Re: Another tax question- school related

I would ask his HR if they included the amount of money spent on classes in his W2. They will report it and when the IRS catches on you will have problems if you don't report it or take a deduction you are not entitled to. They may need to send you an amended W2 or another form.

Posted 1/24/11 4:35 PM

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bettybcafe
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Re: Another tax question- school related

Posted by LSP2005

I would ask his HR if they included the amount of money spent on classes in his W2. They will report it and when the IRS catches on you will have problems if you don't report it or take a deduction you are not entitled to. They may need to send you an amended W2 or another form.

Thank you. I will do this. Chat Icon