What is the name of your state? Ohio
I received tuition assistance from my employer and in return I agreed to work 6 years at one of their facilities. Each pay a portion of the total loan amount is forgiven and I am taxed on that amount in my gross pay but that amount forgiven is then taken out of my net pay, so I am paying taxes on the amount forgiven but I am not being paid that amount. My question is if any or all of the amount forgiven should be included in my taxable wages at the end of the year. This will increase my tax liability a great deal.
Thanks
S.E.
I received tuition assistance from my employer and in return I agreed to work 6 years at one of their facilities. Each pay a portion of the total loan amount is forgiven and I am taxed on that amount in my gross pay but that amount forgiven is then taken out of my net pay, so I am paying taxes on the amount forgiven but I am not being paid that amount. My question is if any or all of the amount forgiven should be included in my taxable wages at the end of the year. This will increase my tax liability a great deal.
Thanks
S.E.