Education Tax BenefitsCode: 25-ETB

86 pages
Course description and objectives:

Few advantages are as sought after by parents for their children than an education that will enable them to grow professionally and enjoy the benefits such an education can help bestow. The federal government supports and encourages their efforts to provide that education through various programs and income tax incentives. This course will examine the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it will consider:

• Qualified tuition programs;
• Coverdell education savings accounts;
• The education savings bond program;
• Federal tax credits for education;
• The federal tax treatment of scholarships, fellowships, grants and tuition deductions; and
• Deductions available for student loan interest, tuition and fees.

Learning Objectives Upon completion of this course, you should be able to:

Identify the features and tax benefits of qualified tuition programs available under IRC §529;

Recognize the limits and tax treatment of contributions to and distributions from a Coverdell education savings account (ESA)

Identify the tax treatment of interest earned under qualified U.S. savings bonds used to pay

certain education expenses; Apply the American opportunity and lifetime learning credit rules;

Recognize the tax treatment given to scholarships, fellowships and other types of educational

assistance; and

Apply the federal income tax rules applicable to student loan interest, payment of tuition and

fees, and student loan cancellations and repayment assistance.

Presentation Method: QAS Self-Study

Category: Taxes

CPE credit: 4 Hours

Program Level: Update

Prerequisites: None

Advance Preparation: None

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase