Education Tax Benefits

  • Credits: 5
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Paul J. Winn, CLU, ChFC
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01687-21-S | 6233-CE-0405 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

Few advantages are as sought after by parents for their children as 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.

Topics include:
  • 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 reductions; and
  • Deductions are available for student loan interest.

Learning Objectives:

After reading the course material, you will 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, student loan cancellations, and repayment assistance.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC