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Education Costs: Tax Planning 4173329B
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The federal income tax law offers a variety of tax benefits related to education costs. Consider the tax treatment of scholarships, tax credits, student loan interest deduction, student loan cancellations and repayment assistance. Identify and evaluate the various tax preferred savings opportunities to fund education.

10/30/2017
When: 12:00 PM to 2:00 PM
Where: Webinar/Webcast
United States
Presenter: John G. McWilliams, CPA, JD
Contact: April Deneault
801-466-10485


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Curriculums:   Individual Tax Planning and Return Preparation,Financial Literacy,Young and Emerging Professionals

NASBA Credit Category:  Taxes

CPE Hours:  2

Description

The federal income tax law offers a variety of tax benefits related to education costs. Consider the tax treatment of scholarships, tax credits, student loan interest deduction, student loan cancellations and repayment assistance. Identify and evaluate the various tax preferred savings opportunities to fund education. Receive an explanation of the tax treatment of employer provided educational assistance. Also, consider the possibility of a business deduction for work-related educational expenses.

Materials are provided as an ebook for this course.



Major Subjects

  • Scholarships, fellowships, grants and tuition reduction
  • American Opportunity and Lifetime Learning tax credits
  • Deduction for student loan interest expense
  • Tax treatment of student loan cancellation and repayment assistance
  • Deduction for tuition and fees
  • Coverall Education Savings Account
  • Qualified Tuition Program
  • Early withdraw from Individual Retirement Account (IRA)
  • Employer provided educational assistance
  • Business deduction for work related education

Objectives

  • Determine whether gross income is reported for scholarships, fellowships, grants and tuition reductions.
  • Evaluate possible tax credits available.
  • Recognize law that allows possible deductions for student loan interest, tuition and fees.
  • Analyze the various tax preferred education savings provisions.
  • Identify the tax consequences of student loan cancellation and repayment assistance.
  • Consider possible tax saving related to employer provided educational assistance.
  • Describe the law applicable to determine whether a deduction can be claimed for work related education costs.

Level:  Overview

Designed For

CPAs , lawyers and other advisers who offer tax and personal financial advice to individauls.

Advanced Prep:

None.

Prerequisite

Basic understanding of the federal income tax law as applied to individual taxpayers.

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