Have a Tax Question? Ask a Tax Expert
Hi and welcome to JustAnswer:
You should not begin to prepare your taxes until you receive your W-2. "Auto Allowance FIT wh" appears to be the federal withholding tax on the allocated personal use of a company car. The amount will be included with the federal withholding of your other compensation.
I'm reading conflicting statements regarding education expenses. Did they pay more than $5,000?
KMG post tax could be life insurance that you are paying premiums on. These amounts are not deductible.
I won't file until I receive my tax paperwork, I just like to prepare early to get an idea of my return.
To clarify, The company covered a maximum of 10,000 for tuition re-imbursement. After I received $5,000, they began taxing it. I just needed to know where to claim it on my taxes.
Thanks for explaining the KMG tax and Auto Allowance. Do I combine the Auto Allowance FIT wh with my other Federal Income Tax Withholding?
The Auto FIT is combined with the other FIT.
Depending on your income and expenses, you may be entitled to an education credit or deduction. You would only be allowed to use the qualifited expenses that you paid for out of pocket including those that were added to your W-2 as taxable income.
Because there are multiple options depending on your specific circumstances, I have provided a link to IRS Publication 970 that explains them in detail.
Thanks so much for all your help. Have a Happy New Year!