Home
0
Home
Item Types:
Field of Study:
Authors:
CPE Hours:
Keyword:
Hide left panel Collapse Menu
Show left panel
Recent Searches
No recent searches found.
Recent Searches
No recent searches found.
Course Details

Education Tax Benefits (Course Id 511)

Updated / QAS / Registry / EA   Add to Cart 
Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 8.0
IRS Credits : 8
Price : $79.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 511

Description :

Few advantages are as sought after by parents for their children than 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, tuition and fees.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 07-Jan-2016
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 - 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:
    • Identify the features and tax benefits of qualified tuition programs available under IRC §529;
    • Recognize the limits and tax treatment of contributions to and distributions from a Coverdell education savings account (ESA);
    • Identify the tax treatment of interest earned under qualified U.S. savings bonds used to pay certain education expenses;
    • Apply the American opportunity and lifetime learning credit rules;
    • Recognize the tax treatment given to scholarships, fellowships and other types of educational assistance; and
    • Apply the federal income tax rules applicable to student loan interest, payment of tuition and fees, and student loan cancellations and repayment assistance.

Chapter 1
§529 Qualified Tuition Programs

When you have completed this chapter, 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;
    • Recognize the rules applicable to IRC §529 qualified tuition program contribution limits and the tax treatment of plan contributions; and
    • Apply the applicable tax law to IRC §529 qualified tuition program distributions.

Chapter 2
Coverdell Education Savings Accounts

In this chapter we will look at the rules governing Coverdell Education Savings Accounts (ESAs). When you have completed this chapter you should be able to:
    • 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; and
    • Apply the rules governing ESA rollovers.

Chapter 3
Education Savings Bond Program

In this chapter we will look at the federal education savings bond program rules. When you have completed this chapter you should be able to:
    • 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; and
    • Calculate the tax-free portion of adjusted qualified education expenses.

Chapter 4
Education Tax Credits

When you have completed this chapter you should be able to do the following with respect to the American opportunity credit and a lifetime learning credit:
    • 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;
    • Define an eligible educational institution;
    • Calculate the available tax credits; and
    • Apply the tax-benefit recapture rules.

Chapter 5
Taxation of Educational Assistance, Tuition & Fees and Student Loans

When you have completed this chapter you should be able to:
    • Identify the tax treatment of educational assistance, including –
      o Scholarships and fellowships,
      o Fulbright grants,
      o Need-based education grants,
      o Veterans’ education benefits and
      o Tuition reductions;
    • Calculate the student loan interest deduction available to a taxpayer;
    • Recognize the tax treatment given to tuition and fees paid for post secondary education by an eligible taxpayer; and
    • Apply the applicable federal income tax rules to student loan cancellations and repayment assistance.
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

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

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 – Taxation of Educational Assistance, Tuition & Fees and Student Loans

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

Tuition and Fees Deduction

Overview of the Tuition and Fees Deduction

Eligibility to Claim a Tuition and Fees Deduction

Expenses Qualifying for a Tuition and Fees Deduction

Qualified Education Expenses – Tuition and Fees Deduction

Eligible Educational Institution

Double Benefit Prohibited

Adjustments to Qualified Education Expenses

Tax-Free Educational Assistance

Refunds

Expenses That Do Not Qualify

Eligible Students – Tuition and Fees Deduction

Claiming a Dependent’s Expenses

Expenses Paid By the Dependent Cannot be Claimed by Taxpayer

Expenses Paid By Others

Tuition Reductions

Figuring the Tuition and Fees Deduction

Claiming the Deduction

Deduction Recapture

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

Summary

Review Quiz

Appendix A

Appendix B

Appendix C

Appendix D

Appendix E

Glossary

Taxes Course 511 Home: https://www.cpethink.com/tax-cpa-courses
Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
  
Exam completed on .

Do you want to add the course again?