Today, many taxpayers see their children's education as a valuable investment. Fortunately, the money you spend on higher education can bring significant tax benefits. Covering topics such as qualified tuition programs, scholarships, and fellowships, this course examines the tax treatment of costs related to education. You'll learn the ins and outs of education tax benefits and how to identify expenses that are deductible. Additionally, you'll learn financial planning strategies and techniques to help you better prepare for future educational costs.
Upon successful completion of this course, participants will be able to:
- Identify deductible education expenses and travel costs under the requirements of §162
- Determine the qualified credit amounts under the HOPE Credit
- State the requirements of Coverdell education savings accounts
- Identify the deductible amount to be claimed for §221 student loan interest and cite the permissible benefits of §529 qualified tuition programs.
- Specify the tax-free benefits of §117 scholarships and fellowships
- Define who is eligible for a §132 qualified tuition reduction
- State rules for what children and parents are responsible for when paying college costs
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