Education Tax Benefits - Mini CourseCode: 16-EDUC2
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Course description and objectives:
After reading the materials, participants will be able to:
1. Distinguish qualifying education from nonqualifying education under §162 and thereby determine which work-related expenses can be deducted.
2. Point out the differences between the HOPE (“American Opportunity”) Credit and the Lifetime Learning Credit, what costs and fees are covered by each credit, and explain to clients the requirements of Coverdell education savings accounts and the tax deferral benefits of such accounts.
3. Discuss how to claim deductions for student loan interest under §221 including when the cancellation of such a loan can be excluded from income under the §108(f) and explain the importance of employer-provided educational assistance particularly the advantages it offers to employees.
4. List the tax-free benefits of scholarships and fellowships and their affect on income and identify who is eligible for the qualified tuition deduction and under what circumstances the deduction can be used.
5. Explain to clients how educational incentives and financial aid resources may be useful for financial planning.
Presentation Method: Self-Study
CPE credit: 2 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.
American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to: National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417. Web site: www.nasba.org
NASBA Sponsor number 108096