Have you ever wondered how pursuing higher education could also lead to potential tax benefits?

In this webinar, we will provide a detailed overview of various tax benefits related to education expenses. The webinar is divided into two parts, covering a wide range of topics. It begins with an examination of tax credits and deductions available for college expenses, including the American Opportunity Credit, Lifetime Learning Credit, and the now-defunct deduction for tuition and fees. Dinesen delves into the eligibility criteria, phaseouts, and examples to help taxpayers navigate these benefits effectively.

The webinar also explores 529 plans and Coverdell ESAs, explaining their similarities and differences as savings vehicles for educational expenses. It highlights the tax-free nature of withdrawals for qualified education expenses, which include not only college but also K-12 private school costs. Additionally, Dinesen touches on recent developments, such as the tax treatment of student loan forgiveness and scholarships, providing valuable insights for individuals seeking to optimize their tax benefits while pursuing higher education. Overall, this comprehensive guide offers a thorough understanding of education-related tax benefits and their practical implications for taxpayers.

Key Topics Covered In This Course:-

• Education Benefits
• College Expense Benefits
• Tax Credits
• American Opportunity Credit
• Lifetime Learning Credit
• 529 Plans and ESAs
• Student Loan Interest
• Miscellaneous

Learning Objectives:-

• To explain the American Opportunity Credit accurately to their clients.
• To discuss the Lifetime Learning Credit accurately with their clients.
• To ensure proper application of credits and use of Section 529 Accounts on the 1040 return.
• To comply with tax preparer due diligence about education tax benefits.