Education Tax Benefits 2022 ON DEMAND

Overview

Today taxpayers must plan for their children’s education. This course examines the tax treatment of costs related to education by touching on various topics such as qualified tuition programs (QTPs), scholarships and fellowships. 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. Financial planning strategies and techniques are outlined to prepare taxpayers for future educational costs better.

Highlights

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 and fellowships. Educational savings bonds. Educational incentives and financial aid.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Identify deductible education expenses and travel costs under the requirements of Section 162. Determine the qualified credit amounts under the HOPE (“American Opportunity”) Credit and the requirements of Coverdell education savings accounts. Identify the deductible amount to claim for Section 221 student loan interest and recognize the permissible benefits of Section 529 qualified tuition programs. Specify the tax-free benefits of Section 117 scholarships and fellowships and who is eligible for a Section 132 qualified tuition reduction. Identify educational incentives and financial aid requirements to meet college funding needs.

Preparation

None.

Notice

None.