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Course Details

Education Tax Benefits - Mini Course (Course Id 374)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 0 ||| Review Questions: 0 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 2
Price : $17.95
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 374

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 : 21739
Release : 2024
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 22-Mar-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 - 374

Keywords : Taxes, Education, Tax, Benefits, Mini, Course, cpe, cpa, online course
Learning Objectives :

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

    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 HOPE ("American Opportunity") 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



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


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)



Eligible Students

Eligible Expenses

Timing the Credit

Eligible Educational Institutions

Lifetime Learning Credit - §25A(c)

Phase Out - §25A(d)(1)

Eligible Students


Timing the Credit

Eligible Expenses

Eligible Educational Institutions

Comparison with Hope (“American Opportunity”) Credit

Choosing Which Credit To Claim

No Double Benefit



Education Savings (or Coverdell) Accounts - §530

Contribution Limits

Beneficiary Limit

Contributor Limit

Phased Out of Contribution

Excess Contributions

Qualified Expenses


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


Transfer Because of Divorce


When Assets Must be Withdrawn

Deduction for Student Loan Interest - §221


Qualified Education Loan

Related Party Loan

Qualified Higher Education Expenses

Payment of Expenses

Eligible Educational Institution

Eligible Student

Claiming the Deduction


Cancellation of Certain Student Loans - §108

Death or Disability

Other Loan Forgiveness

Qualified Tuition Programs - §529


Changing Beneficiaries

Family Members


Form 1099-Q Reporting

Qualified Higher Education Expenses - §529(e)(3)

Computer Equipment & Technology

Refunds & Reinvestment


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



Notice 90-7

Education Expenses

Excludable Interest

Forms 8818 & 8815

Educational Incentives & Financial Aid


Independent Student

Financial Aid Planning for the Parent

Asset Planning Through the High-Income Parent

Other Sources of Financial Aid Info



Tax CPE Courses: https://www.cpethink.com/tax-cpa-courses
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