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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 50 ||| Review Questions: 24 ||| Final Exam Questions: 40 |
| CPE Credits : | 8.0 |
| IRS Credits : | 8 |
| Price : | $71.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 511 |
| 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:
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| Usage Rank : | 13571 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Tax Benefits for Education: Information Center
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 01-Feb-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 511 |
| Keywords : | Taxes, Education, Tax, Benefits, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
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| Course Contents : | Course Learning Objectives Introduction Chapter 1 - §529 Qualified Tuition Programs Chapter Learning Objectives Introduction High Income-Education Correlation Qualified Tuition Programs Prepaid Tuition Plans College Savings Plans Limits on Contributions Tax Treatment of Qualified Tuition Programs Qualified Tuition Program Contributions Not Deductible and are Considered Gifts College Savings Program Earnings Tax-Deferred College Savings Plan Distributions may be Tax-Free Qualified Education Expenses Half-Time Student Adjustments to Qualified Education Expenses Eligible Educational Institution Certain College Savings Plan Distributions Taxable Coordination with American Opportunity and Lifetime Learning Credits Coordination with Coverdell Education Savings Account Distributions Additional Tax Payable on Taxable QTP Distributions Exceptions to Additional Tax Liability QTP Investment Losses Rollovers and QTP Beneficiary Changes Rollovers to a Roth IRA Summary Review Quiz Chapter 2 – Coverdell Education Savings Accounts Chapter Learning Objectives Introduction Definition & Eligibility Limits on Contributions Eligible ESA Beneficiaries Tax Considerations Tax-Free ESA Distributions Qualified Education Expenses Eligible Educational Institution Taxation of Excess ESA Distributions Calculating Earnings Distributed Adjusted Qualified Education Expenses Coordination with American Opportunity and Lifetime Learning Credits Coordination with Qualified Tuition Program Distributions Additional Tax Payable on Taxable ESA Distributions Exceptions to Additional Tax Liability Coverdell ESA Investment Losses Calculating the Taxable Part of the Distribution ESA Rollovers Summary Review Quiz Chapter 3 – Education Savings Bond Program Chapter Learning Objectives Introduction Education Savings Bond Program in Brief Qualified U.S. Savings Bonds Qualified Education Expenses Eligible Educational Institutions Qualified Education Expenses Reduced by Certain Tax-free Benefits Received Figuring the Potentially Tax-Free Amount Education Savings Bond Program Eligibility Subject to Income Limits/Filing Status Summary Review Quiz Chapter 4 – Education Tax Credits Chapter Learning Objectives Introduction Two Tax Credits Offset Higher Education Costs American Opportunity Credit Overview of the American Opportunity Credit Eligibility to Claim an American Opportunity Credit Expenses Qualifying for an American Opportunity Credit Qualified Education Expenses - American Opportunity Credit Eligible Educational Institution Double Benefit Prohibited Adjustments to Qualified Education Expenses Tax-Free Educational Assistance Refunds Expenses That Do Not Qualify Eligible Students – American Opportunity Credit Claiming a Dependent’s Expenses Expenses Paid by The Dependent Expenses Paid by Others Tuition Reductions Tuition Reductions for Undergraduate Level Education Tuition Reductions for Graduate Level Education Figuring the American Opportunity Credit Maximum American Opportunity Credit Subject to Income Limits/Filing Status Refundable Part of the American Opportunity Credit Credit Recapture AOTC Due Diligence Requirement Lifetime Learning Credit Overview of the Lifetime Learning Credit Eligibility to Claim a Lifetime Learning Credit Expenses Qualifying for a Lifetime Learning Credit Qualified Education Expenses – Lifetime Learning Credit Eligible Educational Institution Double Benefit Prohibited Adjustments to Qualified Education Expenses Tax-Free Educational Assistance Refunds Expenses That Do Not Qualify Eligible Students – Lifetime Learning Credit Claiming a Dependent’s Expenses Expenses Paid by the Dependent Expenses Paid by Others Tuition Reductions Tuition Reductions for Undergraduate Level Education Tuition Reductions for Graduate Level Education Figuring the Lifetime Learning Credit Maximum Lifetime Learning Credit Subject to Income Limits/Filing Status Lifetime Learning Credit Recapture Summary Review Quiz Chapter 5 – Educational Assistance & Student Loan Interest Chapter Learning Objectives Introduction Educational Assistance Scholarships and Fellowships Tax-Free Scholarships and Fellowships for Degree Candidates Eligible Educational Institution Qualified Education Expenses Taxable Scholarships and Fellowships Amounts Used to Pay Non-qualifying Expenses Payments for Services Constitute Taxable Income Scholarship Prizes Reporting Scholarships and Fellowships Other Types of Educational Assistance Fulbright Grants Pell Grants and Other Need-Based Education Grants Service Academy Cadet Payments Veterans’ Benefits Tuition Reduction Tuition Reductions for Undergraduate Level Education Tuition Reductions for Graduate Level Education Reporting Tuition Reductions Student Loan Interest Deduction Student Loan Interest Defined Qualified Student Loan Dependents for Student Loan Interest Deductions Exceptions to Usual Dependent Rules Reasonable Period of Time Eligible Student Qualified Education Expenses Eligible Educational Institution Adjustments to Qualified Education Expenses Amounts Included as Interest Amounts Not Included as Interest Eligibility to Claim the Deduction Determining the Student Loan Interest Deduction Income and Filing Status may Affect Student Loan Interest Deduction MAGI Defined for Student Loan Interest Deduction Student Loan Cancellations and Repayment Assistance Tax-Free Student Loan Cancellation Qualified Lenders Eligible Educational Institutions Refinanced Loans Tax-Free Student Loan Repayment Assistance TRA 2020 Extends CARES Act Repayment Provision Student Loan Payments Treated as Elective Deferrals for Employer Match Qualified Student Loan Payment IRA Distributions Eligible Individuals Qualified Education Expenses Eligible Educational Institution Figuring the Amount Not Subject to the Penalty Tax Summary Review Quiz Appendix A Appendix B Appendix C Appendix D Glossary |
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