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with Amy Wall

Education Credits: §529 Plans, American Opportunity, & Lifetime Learning Credits

Learning Objectives:

• Understand requirements for clients to qualify for the American Opportunity Tax Credit
• Understand requirements for clients to qualify for the Lifetime Learning Credit
• Determine the taxable portion of a distribution from a §529 plan
• Explain other tax-advantaged ways to pay for education


Course Overview

Course Details
  • Level: Beginner
  • Cost: Free
  • Field of Study: Taxes
  • Advanced Prep: None
  • Credit Type: CE & CPE
  • Credit Hours: 1
Course Description
We all know that paying for higher education is a huge drain on any family’s resources. Happily, the tax code provides a wide variety of ways to help families pay for that higher education, including the American Opportunity Tax Credit, the Lifetime Learning Credit, §529b plans, IRAs, savings bond programs and Coverdell ESAs.
This course walks through these various tax savings opportunities, providing examples of when the credits can be applied. We’ll talk about how to allocate 529b plan distributions so as to maximize tax savings. We’ll also look at Form 8862, used to reinstate a previously disallowed tax credit, and share tips for dealing with clients who may not have all their paperwork in order. This class will give you confidence when dealing with clients’ education expenses!


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    Course Details