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Akron, Oh 44333
Tax Benefits For Higher Education
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 3 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: June, 2010 Accreditation: NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Hope Credit
Learning Objectives 1
Tax Benefit - Hope Credit
Eligible to Claim Credit
Qualified Expenses - Hope Credit
Qualified Tuition - Expenses
No Double Benefit Allowed
Adjustments to Expenses
Eligible Student - Hope Credit
Who Can Claim Expenses
How Hope Credit is Figured
How is Hope Credit Claimed
Recaptured Hope Credit
Lesson 2 - Lifetime Learning Credit
Learning Objectives 2
Tax Benefit
Who Can Claim Credit
What Expenses Qualify?
Who Can Claim Expenses?
How is Credit Figured?
Income Does Affect Credit
Claiming Lifetime Credit
Lesson 3 - Student Loans
Learning Objectives 3
Interest Deduction
What Is Loan Interest
Included As Interest
Do Not Include As Interest
Who Can Claim the Interest
Qualified Expenses
Reasonable Period of Time
Deduction
Student Loan Phaseout
Canceled Student Loan
Which Loans Qualify?
Refinanced Loan
Lesson 4 - Tuition and Fees Deduction
Learning Objectives 4
Tax Benefit of Deduction
Rules for Taking Deduction
Expenses That Qualify
Tuition/Related Expenses
Double Benefits
Qualified Expense Adjustments
Claiming Tuition/Fees
Other Expenses Paid
How Deduction is Figured
Lesson 5 - Coverdell ESA
Learning Objectives 5
Coverdell ESA at a Glance
What is a Coverdell ESA?
ESA Qualified Expenses
Elementary and Secondary
Higher Education
Contributions
Contribution Limits - ESA
Figuring ESA Limit
Additional Tax on Excess
Coverdell ESA Rollovers
Withdrawals
Taxable Withdrawals
Coordination of Credits
Coordination With QTP
10% Additional Tax
Assets Must be Withdrawn
Figuring Taxable Earnings
Lesson 6 - Qualified Tuition Program
Learning Objectives 6
What is a Tuition Program
Contribution Amount
Return of Investment
Taxable Portion
Coordinating Credits
Tax on Distributions
Losses on QTP Investments
You Can Transfer Amounts
Lesson 7 - Early Withdrawals
Learning Objectives 7
IRAs
Free of the 10% Tax
Amount Not Subject to 10% Tax
Early Distributions
Lesson 8 - Education Savings Bonds
Learning Objectives 8
U.S. Savings Bonds Interest
Qualified U.S. Savings Bond
Education Expenses
(MAGI)
Tax-Free Amount Figured
Exclusion Phased Out
Lesson 9 - Educational Assistance
Learning Objectives 9
Employer Benefit
Education Benefits
Benefit Over $5,250
Lesson 10 - American Opportunity Credit
Learning Objectives 10
Benefit of American Opportunity Credit
Can Credit be Claimed
Qualifying Expenses
Nonqualifying Expenses
Students
How to Figure Credit
Refundable Part of Credit
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Figure qualified expenses for purposes of the Hope Credit
- Identify the rules with regard to claiming the Hope credit
- Figure the amount of Hope credit a taxpayer can claim for Midwestern disaster area
After completing Lesson 2, you will be able to:
- Identify the rules related to the lifetime learning credit
After completing Lesson 3, you will be able to:
- Figure a taxpayer's allowable student loan interest deduction
- Identify the rules with regard to the student loan deduction
After completing Lesson 4, you will be able to:
- Apply the rules for who can take the tuition and fees deduction
After completing Lesson 5, you will be able to:
- Identify the rules with regard to Coverdell Education Savings contributions
- Identify the rules with regard to Coverdell ESA rollovers and transfers
After completing Lesson 6, you will be able to:
- Identify the rules associated with a qualified tuition program (QTPs).
After completing Lesson 7, you will be able to:
- Identify what tax-free assistance is used to figure the adjusted qualified education expenses in determining the additional tax on IRA distributions
After completing Lesson 8, you will be able to:
- Figure the amount of interest from qualified series EE U.S. savings bonds that can be excluded from income
After completing Lesson 9, you will be able to:
- Identify the rules with regard to employer-provided educational assistance
After completing Lesson 10, you will be able to:
- Figure the American Opportunity credit and the refundable portion