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I Hate Linux

Thursday, December 15, 2005

Not So Expensive Reimbursement?

After having ~$840 of income (but not actual cash) being added to each of my pay checks for the last few months and fearing filing my 2005 Federal income tax return as mentioned previously... I realized my mistake today.

All of the ‘income’ being added to my paycheck will show up on my W-2 (in addition to everything before the $5250 IRS limit for not reporting)... and completely deductible, at least according to the IRS.

So in addition to the $2500 in student loan interest... I’ll also be getting to deduct nearly $12000 in tuition and $350 in books.

Of course the worst part about this I think... is that I’m still getting hosed on Social Security... all on the theory that I might get some of it years from now. Ha!

I wonder if I should also deduct driving costs for class days as well my Microsoft cert tests.

On a related note, a co-worker who is going through the same program as I didn’t have the reimbursement amounts added to his paychecks over as long of a time as I, instead he’s having them applied in full to each pay check as necessary.

Apparently he just received an e-mail saying that his next paycheck will be about 17 dollars... ouch, but then, he wants it that way believe it or not.


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