Currently, if you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. This means your employer should not include those benefits with your wages, tips, and other compensation shown on your Form W-2, box 1. This also means that you do not have to include the benefits on your income tax return.
With the sky rocketing costs of higher education in recent years, please show support in increasing the current $5,250 amount to a greater amount to offset the higher costs of education.