Upon successful completion of this course, participants will be able to:

Chapter 1

• Compare prepaid tuition plans with college savings plans
• Identify the expenses considered qualified education expenses under a qualified tuition program and the educational institutions at which such expenses may be incurred
• Recognize the rules applicable to IRC §529 qualified tuition program contribution limits and the tax treatment of plan contributions
• Apply the applicable tax law to IRC §529 qualified tuition program distributions.

Chapter 2

• Apply the federal income tax rules to ESA contributions, earnings, and distributions
• Recognize the eligibility requirements applicable to ESA contributors and beneficiaries
• Identify the ESA contribution limits
• Apply the rules governing ESA rollovers

Chapter 3

• Identify the U.S. savings bonds included in the education savings bond program
• List the education expenses that qualify under the education savings bond program
• Recognize the kind of educational institutions that are eligible for inclusion in the education savings bond program
• Identify the benefits whose receipt reduce a taxpayer’s qualified education expenses
• Calculate the tax-free portion of adjusted qualified education expenses

Chapter 4

• Recognize who is eligible to claim the tax credits
• Identify the expenses considered qualified education expenses and those expenses that do not qualify
• List the benefits for which qualified education expenses must be adjusted
• Define an eligible educational institution
• Calculate the available tax credits
• Apply the tax-benefit recapture rules

Chapter 5

• Identify the tax treatment of educational assistance, including –
  • Scholarships and fellowships,
  • Fulbright grants,
  • Need-based education grants,
  • Veterans’ education benefits, and
  • Tuition reductions.
• Calculate the student loan interest deduction available to a taxpayer; and
• Apply the applicable federal income tax rules to student loan cancellations and repayment assistance.