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W-2 and 1099-MISC (tuition reimbursement as Nonemployee compensation) by employer
Hello:
I am a full time employee of a company since 2006. I have done graduate degree during 2005-2007 and taken education credits using Form-8863 in all three years. As I did not receive any tuition reimbursement (or I did not know I'll get any reimbursement) during these years, I have put full expenses in Form-8863. My tuition expenses were around $6000/year. In 2008, my employer decided to reimburse part of my previous years tuition expenses, paid me $2000 and reported it in 1099-MISC (box 7 Nonemployee compensation). However, I have also received W-2 for my regular salary from the same employer. My questions are... 1. Is it right to issue 1099-MISC and W-2 by same employer? Or, I should request my employer to correct this and report the tuition reimbursement in w-2 box-1 preferably? (I believe this amount should be considered as income and so taxable, as I have already taken education credit in previous years). 2. If I do not need to get W-2 corrected, how should I report this income in my 2008 tax return? Using which form and/or which line on Form-1040? Thank you in advance. |
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1099-misc is reported on schedule C. You may end up paying about 7.5% more in taxes; that is all. Read: Your U.S. Tax Return: W2 vs 1099-Misc: Employee vs Independent Contractor. |
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