The tax code contains a number of options for reducing the cost of an education. In the Education Tax Guide course, we discuss the tax credits and deductions that can significantly reduce your net education expenditures. The course covers the requirements for each option, what types of expenses are covered, and how your taxable income impacts whether you can take advantage of these benefits.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the requirements for taking the American Opportunity Credit.
Specify the requirements for taking the Lifetime Learning Credit.
Specify how a Coverdell education savings account works.
Recognize the tax status of scholarships and fellowships.
Specify how savings bond interest can be tax-free for a student.
Major Topics
Guiding Principles
American Opportunity Credit
Lifetime Learning Credit
Qualified Tuition Programs
Coverdell Education Savings Account
IRA Distribution
Student Loan Interest Deduction
Recordkeeping Requirements
