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4 hours
CTEC IRS

Education Tax Benefits

Course 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.

Learning Objectives:

Upon completion of this course, you should be able to:

  • Describe the features of the types of qualified tuition programs available under IRC section 529;
  • Explain the tax benefits provided under an IRC section 529 qualified tuition program;
  • Identify the limits and tax treatment of contributions to and distributions from a Coverdell education savings account (ESA);
  • Describe the tax treatment of interest earned under qualified U.S. savings bonds used to pay certain education expenses;
  • Explain how the American opportunity and lifetime learning credits operate;
  • Illustrate the tax treatment of scholarships, fellowships and other types of educational assistance; and
  • Explain the federal income tax rules applicable to student loan interest, payment of tuition and fees, and student loan cancellations and repayment assistance.

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 200 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

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