Education Tax Benefits ON DEMAND
Available Until
Your Desk
5.0 Credits
Member Price $145.00
Non-Member Price $167.00
Overview
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.
Highlights
Section 529 qualified tuition programs. Coverdell education savings accounts. Education savings bond program. Educational tax credits. Educational assistance and student loan interest.
Prerequisites
None.
Designed For
CPAs, financial professionals, enrolled agents and attorneys.
Objectives
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. Recognize the rules applicable to IRC Section 529 qualified tuition program contribution limits and the tax treatment of plan contributions. Apply the applicable tax law to IRC Section 529 qualified tuition program distributions. Apply the federal income tax rules to ESA contributions, earnings, and distributions. Recognize the eligibility requirements applicable to ESA contributors and beneficiaries. Identify the ESA contribution limits. Apply the rules governing ESA rollovers. 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 reduces a taxpayer’s qualified education expenses. Calculate 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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Paul Winn, Western CPE
Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.
Non-Member Price $167.00
Member Price $145.00