Course Information

Course No:  9510522

Course Name:  Education Tax Benefits

Field of Study:    Taxes

Course Description:  

Few advantages are as sought after by parents for their children as 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.
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. In so doing, it will consider: Qualified tuition programs; Coverdell education savings accounts; The education savings bond program; Federal tax credits for education; The federal tax treatment of scholarships, fellowships, grants and tuition reductions; and Deductions available for student loan interest.

Learning objectives: After completing this section, you should be able to:

  • 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.
  • Apply the applicable tax law to IRC §529 qualified tuition program distributions.
  • Recognize the rules applicable to IRC §529 qualified tuition program contribution limits and the tax treatment of plan contributions.
  • List the federal income tax rules to ESA contributions, earnings and distributions.
  • Recognize the eligibility requirements applicable to ESA contributors and beneficiaries.
  • Identify the rules governing ESA rollovers.
  • Identify the ESA contribution limits.
  • 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.
  • Identify 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.
  • Identify an eligible educational institution.
  • Identify the available tax credits.
  • Recognize the tax-benefit recapture rules.
  • Identify the tax treatment of educational assistance.
  • Identify the student loan interest deduction available to a taxpayer.
  • Apply the applicable federal income tax rules to student loan cancellations and repayment assistance.

Course Material: Online Material

Program level: Overview

Prerequisites: None

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   5.0

Final examination expiration date:   The program participant will have one year from the date of purchase to complete the course and final examination.