Education Tax Benefits: Maximizing Your Savings

Few advantages are as sought after by parents as an education that helps their children grow professionally. The federal government supports these efforts through various programs and income tax incentives. This course will examine the programs, credits, deductions, and federal income tax treatment of items that affect saving for and financing an individual’s education.

Key Education Tax Benefits

This course covers the essential education tax benefits available to taxpayers. We will explore:

• 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
• Deductions available for student loan interest

Learning Objectives

Upon completing this course, you should be able to:

• Identify the features and tax benefits of qualified tuition programs 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 for education expenses
• Apply the American opportunity and lifetime learning credit rules
• Recognize the tax treatment of scholarships, fellowships, and other types of educational assistance
• Apply federal income tax rules for student loan interest, loan cancellations, and repayment assistance

Ideal Audience for This Course

This course is ideal for tax professionals, including CPAs, tax preparers, and financial advisors. It is also beneficial for parents, students, and individuals seeking to maximize their education tax benefits. Enroll now to learn how to take full advantage of the available tax benefits for education.