This course examines the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual's education.
NOTE - This is a Video Self-Study Course
Upon successful completion of this course participant should be able to be complete the following objectives:
- 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
- Apply the federal income tax rules applicable to student loan interest, student loan cancellations and repayment assistance.
CPE Credits: 5 CPE for CPAs and EAs
Instructional Method: Self-Study
NASBA Field of Study: Taxes
Program Prerequisites: None
Advanced Preparation: None
Revision Date: October 17, 2022