An education that will help children grow both personally and professionally is an advantage that every parent seeks. Through a multitude of programs and tax incentives, the federal government attempts to encourage these efforts. Education Tax Benefits examines the credits, deductions, programs, and income tax treatment of the various issues affecting the financial concerns of funding a child's education. Topics covered include:
- 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, tuition, and fees
- And much more!
Upon successful completion of this course, participants will be able to:
- List the benefits and characteristics of various higher education programs.
- Identify the contribution and distribution rules for qualified tuition plans and other programs.
- Cite elements of tuition plans including issues around taxability of distributions and requirements of rollovers.
- Cite the characteristics of Coverdell Education Savings Accounts.
- Cite the characteristics of the Educational Savings Bond Program.
- Cite the characteristics of education tax credits.
- Cite the characteristics of various taxable and tax-free educational scholarships as well as the tuition and fees adjustment and student loan interest adjustment.
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