2015-2016 Federal Tax Update: Education (Currently Unavailable)

Author: Stuart P Sobel

In this course Stuart will analyze and discuss significant education tax issues.

Publication Date: October 2015

Designed For
All tax practitioners in public and private practice who need to understand the basics and recent changes in the tax law and procedures.

Topics Covered

• Education credits
• Tuition and fees deduction
• Qualified tuition programs
• U.S. savings bonds
• Coverdell Education Savings Account
• Form 1098-T
• Student loans
• Scholarships, fellowships, and tuition reductions
• Other types of educational assistance
• Business-related education expense deductions
• Employer-provided educational assistance

Learning Objectives

• Identify significant issues affecting education deductions and income
• Recognize how to avoid mistakes during the filing season
• Determine eligibility for the American Opportunity Credit (AOC)
• Recognize how to claim qualified higher education expenses (QHEE) for tax purposes for a qualified AOC student
• Calculate adjusted qualified education expenses (AQEE)
• Identify eligiblility for the lifetime learning credit
• Determine when a student needs to pay for a semester in order to receive both the lifetime learning credit and the AOC
• Calculate the deduction based on marginal tax brackets with claimed education expenses
• Recognize who is eligible for tuition and fees deduction
• Identify which items you would be unable to exclude as interest income from U.S. Savings Bonds
• Recognize what applies to Coverdell ESA contributions
• Identify what portion of a distribution is not used for education expenses
• Recognize when a client can rollover the Coverdell ESA
• Differentiate which expenses would be excluded from taxable income under a fellowship
• Calculate the phase out limit for a client
• Describe if the AOC is a refundable credit and the qualified expenses
• Calculate AOC credits and adjusted gross income
• Determine eligibility for the Lifetime Learning Credit
• Identify when you are allowed to use tuition and fees as a deduction
• Identify which distributions or deductions are allowed in a qualified tuition plan (QTP) under IRC §529
• Determine when to withdraw any excess amounts to avoid being taxed for excess contributions
• Identify which form to file to exclude contributed interest income from gross income from a Coverdell ESA
• Recognize what distinguishes a Coverdell ESA from a qualified tuition plan (QTP)
• Identify the time length of when you can rollover the Coverdell
• Recognize rules that apply to a student loan interest deduction under IRC §221
• Identify graduate tuition reduction quaifications
• Evaluate business-related education expenses
• Recognize exclusions of employer provided educational assistance

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None