Tax Considerations for Education Savings & Expenses - Self Study
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
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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.

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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