Education Tax Benefits examines the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it considers qualified tuition programs (QTPs), Coverdell education savings accounts (ESAs), the education savings bond program, federal tax credits for education, the federal tax treatment of scholarships, fellowships, grants and tuition reductions and the deductions available for student loan interest, tuition and fees.
Identify the features and tax benefits of qualified tuition programs available under IRC §529;
Recognize the limits and tax treatment of contributions to and distributions from a Coverdell education savings account (ESA);
Identify the tax treatment of interest earned under qualified U.S. savings bonds used to pay certain education expenses;
Apply the American opportunity and lifetime learning credit rules:
Recognize the tax treatment given to scholarships, fellowships and other types of educational assistance; and
Apply the federal income tax rules applicable to student loan interest, payment of tuition and fees, and student loan cancellations and repayment assistance.
Paul J. Winn, CLU, ChFC has over thirty years experience in the life insurance and investment industry. As well as fifteen years as a financial writer, editor, and trainer. Paul has worked for Mutual Life Insurance Company of New York, Security Mutual Life Insurance Company, Principal Financial Group, and the Maryland Financial Corporation. Paul is a Published book author, writer & editor of major mutual life insurance company’s agent-training “university”, and the creator of more than 100 training courses in computer-based training, print and scripted classroom formats.
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