Tuition Reimbursement and Lifetime Learning Credit

[beckster2001]

What is the name of your state? Virginia

My employer reimburses tuition. Anything that is reimbursed over $5,250 is taxed. In 2006 my tuition totalled $11,075. I'm using Turbo Tax to do my taxes. For employer provided assistance (also listed as "tax free assistance received") I entered $5,250. This gave me $5,825 as qualifying education expenses, I believe for the Lifetime Learning Credit. Did I do this correctly?

[LdiJ]

Originally Posted by beckster2001

What is the name of your state? Virginia

My employer reimburses tuition. Anything that is reimbursed over $5,250 is taxed. In 2006 my tuition totalled $11,075. I'm using Turbo Tax to do my taxes. For employer provided assistance (also listed as "tax free assistance received") I entered $5,250. This gave me $5,825 as qualifying education expenses, I believe for the Lifetime Learning Credit. Did I do this correctly?

Your qualified education expenses for the purpose of the lifetime credit, is 11075.00 minus whatever your employer gives you tax free, and minus any scholarships or grants. Therefore it sounds like 5825.00 would be correct, assuming you don't have any scholarships or grants.