Ready to give your education and skills a boost? Tuition Reimbursement is a monetary benefit offered by employers to assist with the costs of educational courses.
What is tuition reimbursement?
While each company has specific rules and stipulations, tuition reimbursement offers employees the opportunity to be reimbursed for classes that are taken while employed. You will typically pay for your courses, and your employer reimburses these costs upon course completion. Eligible expenses and coursework, reimbursement amount, grading criteria and documentation requirements are defined by company Tuition Reimbursement Policy.
Is tuition reimbursement taxable?
If your employer pays less than $5,250 for educational benefits for you during the year, you may not need to pay federal income tax on it. If you receive more than $5,250, however, you must claim that amount on your taxes, according to the Internal Revenue Service (IRS). Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax or legal professional regarding your specific circumstances.
Health Account Solutions, including Health Savings Accounts, Flexible Spending Accounts, Commuter Benefits, Health Reimbursement Arrangements, and COBRA Administration offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC).