Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits
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: September 2021
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 qualified tuition program features and tax benefits
- Recognize Coverdell education savings account (ESA) limits and tax treatment
- Identify tax treatment of savings bonds used to pay education expenses
- Recognize and apply American opportunity and lifetime learning credit rules
- Recognize scholarship, fellowship and other educational assistance tax treatment
- Recognize how to apply student loan interest tax rules
- Identify the amount of additional tax is liable
- Recognize how long after receiving ESA funds must the rollover occur
- Identify which U.S. savings bonds are eligible for the education savings bond program
- Recognize how long the American opportunity credit available for each eligible student
- Identify the maximum amount of student loan interest that an eligible taxpayer may deduct in the current tax year
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Paul J. Winn
Paul J. Winn, CLU, ChFC has over thirty years experience in the life insurance and investment industry. As well as fifteen years as a financial writer, editor, and trainer. Paul has worked for Mutual Life Insurance Company of New York, Security Mutual Life Insurance Company, Principal Financial Group, and the Maryland Financial Corporation.
Paul is a Published book author, writer & editor of major mutual life insurance company's agent-training "university", and the creator of more than 100 training courses in computer-based training, print and scripted classroom formats.