Higher Education Tax Benefits

$49.95

Product Description

Delivery: Text Based
Instructor: WiseGuides
Credit Hours: 3
Field of Study: Federal Tax Update
Approval: IRS, CTEC
Course Description:
Federal higher education policy is supported through education tax benefits and traditional student
aid (loans, grants, and work-study assistance).
 Traditional student aid provides financial assistance to pay for higher education expenses at the
time the expenses are due.
 Most tax-based higher education assistance becomes available after the expenses have been
incurred and the taxpayer files a federal tax return to claim any federal higher education tax
benefits.

This basic level Higher Education Tax Benefits course provides an overview of the higher
education tax benefits that are currently available. A brief history of higher education tax
policy over the past sixty years is presented, followed by key features of the available tax
benefits.
This course will guide you through the following learning objectives to prepare you to help
clients pay for higher education through a mixture of tax credits, deductions, exclusions, and
other incentives.
 Identify and apply the eligibility rules to claim the American Opportunity Credit
 Identify and apply the eligibility rules to claim the Lifetime Learning Credit
 Calculate a taxpayer's allowable student loan interest deduction
 Determine who can claim a student's tuition and fees deduction
 Identify the rules with regard to Coverdell Education Savings Account contributions, rollovers,
and withdrawals
 Identify the rules associated with a Qualified Tuition Program (QTP)
 Identify adjustments required to determine the penalty exception amount for early IRA
withdrawals used for higher education expenses
 Apply the qualifying rules for exclusion of interest from U.S. Savings Bonds for qualified
education expenses
 Identify the income exclusion benefits of an employer-provided educational assistance program

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