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Event Description

The names may have changed, but the rules have not. If your clients are interested in the tax breaks associated with paying costs of higher education, this course will prepare you to answer their questions and give good advice. Students, parents, grandparents, and family financial advisors need good tax advice to reduce the after- tax costs of “higher education.”

Learn about the Lifetime Learning Credit, the American Opportunity Credit, Tuition and Fees Education Tax Deduction, Coverdell Education Savings Accounts, Section 529 Plans

Enrolled Agent Approved

 

Designed For

Any CPA, EA, CFP, or other professional giving advice to students and their families about the federal income aspects of various choices to pay the costs of higher education

Objectives

  • Finance costs of college education at lowest possible after tax cost by taking advantage of income tax breaks
  • When and how to claim credits
  • Shopping for loans
  • Maximizing benefit of part time work to pay “kiddie-tax” or plan to limit student’s income
  • Effect of dependent status

 

Major Subjects

  • Expenses qualifying for various credits
  • Income limitations on certain tax benefits
  • Efficient use of cash from 529 plan
  • When to start a Coverdell account
  • Could life insurance play a part in your planning for a child’s education
  • What grandparent can do best.
  • Who should pay college costs . . . child . . . parent . . . scholarship . . . loan ?