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Author: |
Danny C Santucci, JD |
Course Length: |
Pages: 32 ||| Word Count: 15,568 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
CPE Credits: |
2.0 |
IRS Credits: |
2 |
Price: |
$17.95 |
Passing Score: |
70% |
Course Type: |
Text - IRS Enrolled Agents |
Technical Designation: |
Technical |
Field Of Study: |
Taxes |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This mini course examines the tax treatment of education related costs, including qualified tuition programs, scholarships, and fellowships.
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Frequently Asked Questions: |
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Description: |
Today, taxpayers must plan for their children's education. Touching on various topics such as qualified tuition programs (QTPs), scholarships, and fellowships, this mini-course examines the tax treatment of costs related to education. Practitioners will learn the ins and outs of the tax benefits concerning education and will be able to identify those educational expenses that are deductible. Additionally, financial planning strategies and techniques are outlined to better prepare taxpayers for future educational costs. |
Usage Rank: |
11364 |
Release: |
2011 |
Version: |
1.0 |
Prerequisites: |
General understanding of federal income taxation. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
Internal: Education Tax Benefits - Mini Course (Course Id 374)
Internal: One Big Beautiful Bill CPE for CPAs (includes education benefit section)
External: Education Tax Credit
External: Employee education benefits in the United States
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
02-Sep-2026 |
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. |
Keywords: |
Education Tax Benefits - Mini Course - CPE course for CPAs |
Learning Objectives: |
Learning Assignment & Objectives As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT At the start of the materials, participants should identify the following topics for study: * Work-related educational expenses * Educational expense credits * Education savings accounts * Deduction for student loan interest * Qualified tuition programs * Higher education expense deduction * IRA withdrawals for education expenses * Scholarships & fellowships * Educational savings bonds * Educational incentives & financial aid Learning Objectives After reading the materials, participants will be able to: 1. Identify deductible education expenses and travel costs under the requirements of §162. 2. Determine the qualified credit amounts under the American Opportunity Tax Credit and the requirements of Coverdell education savings accounts. 3. Identify the deductible amount to claim for §221 student loan interest and recognize the permissible benefits of §529 qualified tuition programs. 4. Specify the tax-free benefits of §117 scholarships and fellowships and who is eligible for a §132 qualified tuition reduction. 5. Identify educational incentives and financial aid requirements to meet college funding needs. |
Course Contents: |
Chapter 1 - Education Tax Benefits Work-Related Educational Expenses - §162 Qualified Individuals Qualifying Education Requirements Exception Temporary Absence Education Required by Employer or by Law Education to Maintain or Improve Skills Nonqualifying Education Education to Meet Minimum Requirements Requirements for Teachers Certification in a New State Education to Qualify for a New Trade or Business Bar or CPA Review Course Qualifications for Teachers Deductible Educational Expenses Unclaimed Reimbursement Transportation Expenses Mileage Travel Expenses Cruises & Conventions Meal Expenses Travel as Education Educator Expenses - §62 Education Expense Credits - §25A American Opportunity (former Hope) Tax Credit - §25A(b) Phase Out - §25A(d) Refundable Relationship Eligible Students Eligible Expenses Timing the Credit Eligible Educational Institutions Lifetime Learning Credit - §25A(c) Phase Out - §25A(d)(1) Eligible Students Relationship Timing the Credit Eligible Expenses Eligible Educational Institutions Comparison with American Opportunity (former Hope) Credit Choosing Which Credit To Claim No Double Benefit Dependency Reporting Education Savings (or Coverdell) Accounts - §530 Contribution Limits Beneficiary Limit Contributor Limit Phased Out of Contribution Excess Contributions Qualified Expenses Homeschool Designated Beneficiary Changing the Designated Beneficiary Eligible Educational Institution Half-time Student Coordination with Other Education Incentives Age 30 Required Distribution Form 1099-Q Reporting Documentation & Further Requirements Rollovers Transfer Because of Divorce Withdrawals When Assets Must be Withdrawn Deduction for Student Loan Interest - §221 Phase-out Qualified Education Loan Related Party Loan Qualified Higher Education Expenses Payment of Expenses Eligible Educational Institution Eligible Student Claiming the Deduction Reporting Cancellation of Certain Student Loans - §108 Death or Disability Qualified Tuition Programs - §529 Beneficiary Changing Beneficiaries Family Members Distributions Form 1099-Q Reporting Qualified Higher Education Expenses - §529(e)(3) Computer Equipment & Technology Refunds & Reinvestment Homeschool Eligible Educational Institution Prohibition Against Investment Direction Interaction with Educational Credits Gift Tax Annual Exclusion Rollovers Between §529 Tuition & ABLE Programs IRA Withdrawals for Education Expenses - §72(t) Employer-Provided Educational Assistance - §127 Scholarships & Fellowships - §117 Qualified Scholarship or Fellowship - §117 Incidental Expenses Degree Candidate Payment for Services Service Academy Cadets Student Loans Cancellation of Student Loan Debt - §108 Qualified Tuition Reduction - §132(h) Educational Savings Bonds - §135 Income Exclusion Limitation MAGI Notice 90-7 Education Expenses Excludable Interest Forms 8818 & 8815 Educational Incentives & Financial Aid FAFSA Independent Student Financial Aid Planning for the Parent Asset Planning Through the High-Income Parent Other Sources of Financial Aid Info Glossary |
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