Published to Newsletter on Feb 28, 2024
If you are using UNM’s Tuition Remission or Dependent Education Scholarship, it is important to understand how taxability of these benefits affects your income and paycheck prior to enrolling in courses or utilizing benefits for yourself and dependents.
The value of Education Benefits received must be included in your taxable income, and subsequently taxed, for the following circumstances:
If the benefit you received is determined to be taxable, the taxable amount will be added to your pay as additional taxable income. The amount of tax that will be withheld depends on your individual tax status (from your W-4).
For more on taxability: UNM Policy 3700: Education Benefits Sections 3.1.1, 3.9, and 4.4.
Please visit the Tuition Remission and Dependent Education webpages for more information on Education Benefits.
Questions? Contact UNM Benefits & Employee Wellness at 505-277-6947(MyHR) or hrbenefits@unm.edu
Tags: Benefits, EmployeeWellness, Wellness