Self Study: Education Tax Benefits 2022

Overview

This course is available until April 30, 2025.

Today taxpayers must plan for their children’s education. This course examines the tax treatment of costs related to education by touching on various topics such as qualified tuition programs (QTPs), scholarships and fellowships. Practitioners will learn the ins and outs of the tax benefits concerning education and will be able to identify those educational expenses that are deductible. Financial planning strategies and techniques are outlined to prepare taxpayers for future educational costs better.

Highlights

• Work-related educational expenses
• Educational expense credits
• Education savings accounts
• Deduction for student loan interest
• Qualified tuition programs
• Higher education expense deduction
• IRA withdrawals for education expenses
• Scholarships and fellowships
• Educational savings bonds
• Educational incentives and financial aid

Objectives

• Identify deductible education expenses and travel costs under the requirements of 162.
• Determine the qualified credit amounts under the HOPE ("American Opportunity") Credit and the requirements of Coverdell education savings accounts.
• Identify the deductible amount to claim for 221 student loan interest and recognize the permissible benefits of 529 qualified tuition programs.
• Specify the tax-free benefits of 117 scholarships and fellowships and who is eligible for a 132 qualified tuition reduction.
• Identify educational incentives and financial aid requirements to meet college funding needs.

Notice

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