Employers use this form to recover the cost of voluntary training if the employee leaves prior to fulfilling an agreed-upon term of service.
Tuition Reimbursement Payback Agreement Template For House
State:
California
Control #:
CA-JM-0066
Format:
Word
Instant download
Description
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How to fill out California Tuition Payback Agreement?
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FAQ
Employers require tuition reimbursement payback agreements to avoid training employees who use their education to get a new job working elsewhere. Companies legally protect themselves by making employees pay back reimbursements if the employee leaves the company within a specific time frame of completing the education.
Section 127 program. Section 127 of the Internal Revenue Code provides an exclusion of up to $5,250 per calendar year from an employee's gross income for amounts received by the employee, provided that certain requirements are met. To qualify under §127, a program must: Have a written plan document.
Begin the request by giving your name, employer and position within the company. List each course for which you would like to receive reimbursement. Provide course dates, the academic institution that offered the course, your grade for the course and the cost of the course plus any necessary books or supplies.
Tuition Reimbursement Helps Offer Tax BreaksAs long as your company has a written policy meeting federal income tax guidelines, employers can deduct up to $5,250 in reimbursements (per employee) from their own taxes each year.
Outline the reasons why you need tuition assistance in the opening body of your letter. Be specific about why you need additional help paying for your college tuition. For example, explain that you care for a sick or disabled family member or that you've recently lost your job and don't have income.