$5,250 income exclusion extended on graduate tuition remission
On Friday, Dec. 17, the $5,250 tax break for tuition assistance from employers was extended for another two years. Section 127 of the U. S. tax code allows George Fox employees to exclude from income up to this amount each year in tuition remission they receive for graduate courses. (This exclusion does not apply to graduate tuition remission for spouses.) This exclusion would have expired on Dec. 31, 2010, had Congress not acted to extend it.
Please note: All undergraduate tuition remission to employees, spouses and dependents is excluded from income under Section 117 of the tax code, which applies to employees of educational institutions.