CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

All New and Current customers who purchase the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update or the 2021 Federal and California Update will get the Tax Advisory Complement Bundle for free.

NOTE:

  • New Federal Tax Update customers will get an immediate email with a coupon code for the free course once their Tax Update purchase is complete.
  • Current Customers that purchased the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update will get an email with a coupon code to get the Tax Advisory Complement Bundle for free.

Education Tax Benefits

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
5 Credits: Taxes

Course Description

Few advantages are as sought after by parents for their children as an education that will enable them to grow professionally and enjoy the benefits such an education can help bestow. The federal government supports and encourages their efforts to provide that education through various programs and income tax incentives.

This course will examine the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it will consider:

  • 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; and
  • Deductions available for student loan interest.

Learning Objectives

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.

Course Specifics

Course ID
8212803
Revision Date
September 20, 2021
Number of Pages
137
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01849-21-S
IRS Federal Tax Law Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1637
CTEC Federal Tax Law Credits: 5

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Education Tax Benefits

Expert Instructors
Format
CPE CREDITS
5 Credits: Taxes

$145.00$175.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
5 Credits: Taxes

Course Description

Few advantages are as sought after by parents for their children as an education that will enable them to grow professionally and enjoy the benefits such an education can help bestow. The federal government supports and encourages their efforts to provide that education through various programs and income tax incentives.

This course will examine the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it will consider:

  • 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; and
  • Deductions available for student loan interest.

Learning Objectives

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.

Course Specifics

Course ID
8212803
Revision Date
September 20, 2021
Number of Pages
137
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01849-21-S
IRS Federal Tax Law Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1637
CTEC Federal Tax Law Credits: 5

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Education Tax Benefits

Expert Instructors
Format
CPE CREDITS
5 Credits: Taxes

$145.00$175.00

Clear