Education Tax Benefits (Currently Unavailable)

Author: Paul J. Winn

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Education Tax Benefits examines the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it considers qualified tuition programs (QTPs), Coverdell education savings accounts (ESAs), the education savings bond program, federal tax credits for education, the federal tax treatment of scholarships, fellowships, grants and tuition reductions and the deductions available for student loan interest, tuition and fees.

Publication Date: March 2020

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
  • Federal tax credits for education
  • Federal tax treatment of scholarships and fellowships
  • Deductions available for tuition and student loan interest

Learning Objectives

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

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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