*In accordance with Internal Revenue Service regulations, graduate level tuition waivers provided by an educational institution to its employees are excludable in an amount of up to $5,250 per calendar year if the tuition waivers are provided as part of an educational assistance program described in I.R.C. § 127(b). Any tuition waiver or reduction provided in excess of this amount is a taxable fringe benefit for income tax purposes. A tuition waiver for graduate level courses offered to employees of an educational institution, as described in I.R.C. § 170(b)(1)(A)(ii), is excludable as a qualified tuition reduction only if the recipient of the waiver is a graduate student engaged in teaching or research activities for the institution.