Education Tax Benefits
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. 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 reductions; and
  • Deductions available for student loan interest.


Course Publication Date: March 05, 2019

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $50.00!

Author:Paul Winn
Course No:TAX-EDUBENE-3139
Recommended CPE:5.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Taxes
  
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Learning Objectives
  • Compare prepaid tuition plans with college savings plans.
  • Identify the expenses considered qualified education expenses under a qualified tuition program and the educational institutions at which such expenses may be incurred.
  • Recognize the rules applicable to IRC §529 qualified tuition program contribution limits and the tax treatment of plan contributions.
  • Apply the applicable tax law to IRC §529 qualified tuition program distributions.
  • Apply the federal income tax rules to ESA contributions, earnings and distributions.
  • Recognize the eligibility requirements applicable to ESA contributors and beneficiaries.
  • Identify the ESA contribution limits.
  • Apply the rules governing ESA rollovers.
  • Identify the U.S. savings bonds included in the education savings bond program.
  • List the education expenses that qualify under the education savings bond program.
  • Recognize the kind of educational institutions that are eligible for inclusion in the education savings bond program.
  • Identify the benefits whose receipt reduce a taxpayer’s qualified education expenses.
  • Calculate the tax-free portion of adjusted qualified education expenses.
  • Recognize who is eligible to claim the tax credits.
  • Identify the expenses considered qualified education expenses and those expenses that do not qualify.
  • List the benefits for which qualified education expenses must be adjusted.
  • Define an eligible educational institution.
  • Calculate the available tax credits.
  • Apply the tax-benefit recapture rules.
  • Identify the tax treatment of educational assistance.
  • Identify the tax treatment of scholarships and fellowships.
  • Identify the tax treatment of Fulbright grants.
  • Identify the tax treatment of need-based education grants.
  • Identify the tax treatment of veterans’ education benefits.
  • Identify the tax treatment of tuition reductions.
  • Calculate the student loan interest deduction available to a taxpayer.
  • Apply the applicable federal income tax rules to student loan cancellations and repayment assistance.

CPE Depot 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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