Tuition reimbursement is a valuable benefit to help you advance your career. Through higher education you make yourself more valuable to your current employer and more marketable when you seek a new job. Many companies have formal plans to offer employees tuition reimbursement. By having a formal plan that meets IRS requirements, the company can reimburse an employee up to $5,250 tax-free annually. Your company's Human Resources department should be able to provide you with a document that explains all the requirements you need to qualify, as well as instructions for requesting reimbursement.
Instructions
1. Obtain a copy of your company's tuition reimbursement plan from your Human Resources department.
2. Review the plan rules and requirements carefully before enrolling in any classes. Both undergraduate and graduate courses are eligible for tuition reimbursement under IRS rules, but your company may have other restrictions. Your company may require you to submit an application for approval before you sign up for classes.
3. Complete and submit the application to Human Resources, if required.
4. Enroll in your classes. If the courses you are taking involve sports, games or hobbies, in order to qualify under the tuition reimbursement plan, your classes must either have a direct relationship to the business you are in or be required to obtain a degree. Your company will require you to obtain a certain grade to qualify for reimbursement and will only reimburse you after you complete the course.
5. Keep copies of all your enrollment forms, grades and receipts for tuition, books, fees, supplies and equipment. After completing your class(es), submit these copies with your company's tuition reimbursement request form. Your company's plan document will give you information about how long it will take to reimburse you once you've submitted all the required documentation.
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