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Tax Considerations for Educational Expenses

Exam Questions: 25
Course Level: Basic
Pages: 182 | Content: 162, Supplemental: 20
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8095

The variety of savings vehicles available for education can be intimidating. As an accounting professional, it is important that you understand the various options available to your clients to be able to properly advise them. This comprehensive course details all of the various types of tax benefits and savings opportunities available for education. Covering Qualified Tuition Programs (529 plans), the American opportunity credit, the lifetime learning credit, student loans, Coverdell Education Savings Accounts, Education Savings Bond Programs, and much more, this course will provide all the information you need to properly assist your clients. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00465-22-S

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Course Information

Table of Contents
  • Introduction
  • Scholarships, Fellowship Grants, Grants, and Tuition Reductions
  • American Opportunity Credit
  • Lifetime Learning Credit
  • Student Loan Interest Deduction
  • Student Loan Cancellations and Repayment Assistance
  • Coverdell Education Savings Account (ESA)
  • Qualified Tuition Program (QTP)
  • Education Exception to Additional Tax on Early IRA Distributions
  • Education Savings Bond Program
  • Employer-Provided Educational Assistance
  • Business Deduction for Work-Related Education
Objectives
  • To recognize the taxability of various types of educational assistance
  • To recognize how and when to use the American opportunity credit
  • To recognize when and how to use the lifetime learning credit
  • To recognize the proper tax treatment for student loans and the cancellations or repayment assistance of such
  • To recognize how a Coverdell ESA can be used as a tax benefit for education
  • To recognize the tax benefits available through the use of a qualified tuition program
  • To recognize how early distributions from an IRA can be exempt from the 10% early withdrawal penalty when used for education
  • To identify who can cash in bonds tax free when used for education
  • To recall how employer-provided educational assistance plans work and their benefits
  • To identify what work-related education expenses may be able to be deducted as a business expense

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.