Education Tax Benefits 2023 - 2 CPE
Education Tax Benefits
Mini-Course Description & Study Guide
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. Prac-titioners will learn the ins and outs of the tax benefits concerning education and will be able to identify those educational expenses that are deductible. Addi-tionally, financial planning strategies and techniques are outlined to better pre-pare taxpayers for future educational costs.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
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
2
* 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 (“Ameri-can Opportunity”) Credit and the requirements of Coverdell education savings accounts.
3. Identify the deductible amount to claim for §221 student loan inter-est 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.
After studying the materials, answer exam questions 1 to 10.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.
