Education Tax Benefits (Currently Unavailable)

Author: Paul J. Winn

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.

Few advantages are as sought after by parents for their children than 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.

Publication Date: January 2015

Designed For
Tax practitioners; including Enrolled Agents and Registered Tax Return Preparers.

Topics Covered

• Qualified Tuition Programs
• Coverdell Education Savings Accounts
• Education Savings Bond Program
• Education Tax Credits
• Taxation of Educational Assistance, Tuition & Fees and Student Loans

Learning Objectives

• Identify the features and tax benefits of qualified tuition programs available under IRC §529
• Recognize the limits and tax treatment of contributions to and distributions from a Coverdell education savings account (ESA)
• Identify the tax treatment of interest earned under qualified U.S. savings bonds used to pay certain education expenses
• Apply the American opportunity and lifetime learning credit rules
• Recognize the tax treatment given to scholarships, fellowships and other types of educational assistance
• Apply the federal income tax rules applicable to student loan interest, payment of tuition and fees, and student loan cancellations and repayment assistance

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
None

Advance Preparation
None