This course will cover various aspects of savings accounts for education such as the Coverdell Education Savings Account and Qualified Tuition Programs (529 plan). Contributions and distributions into these accounts will be examined with examples to show the impact that "adjusted eligible education expenses" has on taxable distributions.
Course Publication Date:
April 26, 2019
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or can be purchased for
$20.00!
| Author: | Frank Castillo CPA |
| Course No: | TAX-EDUCATE-10059 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Basic |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
Webinars - On Demand
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Learning Objectives
- Identify key elements specific to a Coverdell ESA and a Qualified Tuition Program (529 plan)
- Identify the contribution limits of a Coverdell ESA and steps recommended to remedy over contributed assets.
- Identify the tax consequences of contributing to an education savings account when claiming the American Opportunity Tax Credit
- Calculate the taxable portion of distributions from education savings accounts in coordination with adjusted eligible education expenses.
- Recall which States provide the greatest tax benefit when contributing to a 529 plan.
- Identify exemptions that would allow taxpayers to avoid the “10% penalty” in connection with distributions from a Section 529 plan.