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; and

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; and

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; and

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; and

Apply the tax-benefit recapture rules.

Identify the tax treatment of educational assistance, including –

• Scholarships and fellowships,

• Fulbright grants,

• Need-based education grants,

• Veterans’ education benefits, and

• Tuition reductions;

Calculate the student loan interest deduction available to a taxpayer; and

Apply the applicable federal income tax rules to student loan cancellations and repayment assistance.