Education Tax Credits & Education Tax Benefits

Education Tax Credits & Education Tax Benefits

Education Tax Credits & Education Tax Benefits

American Opportunity Tax Credit, Lifetime Learning Tax Credit, Student Loan Interest Deduction, (ESA), (QTP)

Language: english

Note: 4.5/5 (16 notes) 8,879 students

Instructor(s): Robert (Bob) Steele

Last update: 2022-05-30

What you’ll learn

  • List Education Tax Credits and Education Tax Benefits
  • Describe the American Opportunity Tax Credit
  • Explain the Amount of Tax Benefit for the American Opportunity Tax Credit
  • Complete Tax Documentation Related to the American Opportunity Tax Credit
  • Describe the Lifetime Learning Tax Credit
  • Explain the Amount of Tax Benefit for the Lifetime Learning Tax Credit
  • Complete Tax Documentation Related to the Lifetime Learning Tax Credit
  • Describe Tax Benefits For Student Loan Interest Deduction
  • Complete Tax Documentation Related to the Student Loan Interest Deduction
  • Describe Tax Benefits For Coverdell Education Savings Account (ESA)
  • Complete Tax Documentation Related to the Coverdell Education Savings Account (ESA)
  • Describe Tax Benefits For Qualified Tuition Program (QTP)
  • Complete Tax Documentation Related to the Qualified Tuition Program (QTP)

 

Requirements

  • Some understanding of US income tax law

 

Description

This education tax credits & education tax benefits course will discuss tax benefits related to education, focusing on education tax credits including the American Opportunity Tax Credit and the Lifetime Learning tax credit.

The course will describe the benefits of the American Opportunity Tax Credit, giving practical examples using actual tax forms. As we learn the concepts of the American Opportunity tax credit, we will run examples and scenarios using tax software and tax forms to get a feel of how the credit reacts to different tax circumstances.

We will describe the benefits of the Lifetime Learning Tax Credit, giving practical examples using actual tax forms. As we learn the concepts of the Lifetime Learning tax credit, we will run examples and scenarios using tax software and tax forms to get a feel of how the credit reacts to different tax circumstances.

The course will discuss how the American Opportunity tax credit and Lifetime Learning tax credit interact with each other and how to maximize tax benefits.

We will discuss the deduction for student loan interest, describing circumstances where student loan interest is deductible, and giving practical examples using tax forms.

The course will discuss the tax benefits of a Coverdell Education Savings Accounts (ESA). We will consider how a Coverdell Education Savings Accounting (ESA) is set up, the tax benefits, and tax consequences of distributions. The course will also discuss how the Coverdell Education Saving Account (ESA) works or coordinates with education credits like the American Opportunity tax credit and Lifetime Learning tax credit.

We will discuss the tax benefits of a Qualified Tuition Program (QTP). We will discuss how a Qualified Tuition Program (QTP) is set up, the tax benefits, and tax consequences of distributions. The course will also explain how the Qualified Tuition Program (QTP) works or coordinates with education credits like the American Opportunity credit and Lifetime Learning credit.

 

Who this course is for

  • Anybody who wants to save on taxes
  • Tax professionals

 

Course content

  • Education Credits
    • 8710 Education Credits Overview
    • 8730 American Opportunity Credit
    • 8750 Lifetime Learning Credit
    • 8770 Education Credits Adjusted Qualified Education Expenses
    • 8790 Education Credits- Specific Instructions Part 1
    • 8810 Specific Instructions Part 2
    • 8830 Specific Instructions Part 3
    • 8835 American Opportunity Credit Software
    • 8850 Lifetime Learning Credit Software
    • 8905 Recovery Rebate Credit Overview
    • 8915 Recovery Rebate Credit Software
  • Introduction
    • Introduction
  • Education Tax Benefits
    • 2 Education Tax Benefits
    • Documents to Download for Reference
    • PDF – 505 What’s New
    • 505 What’s New
    • PDF – 508 Reminders
    • 508 Reminders
    • PDF – 511 Scholarships, Fellowship Grants, Grants, and Tuition Reductions Intro
    • 511 Scholarships, Fellowship Grants, Grants, and Tuition Reductions Introductio
    • PDF – 514 Scholarships and Fellowship Grants
    • 514 Scholarships and Fellowship Grants
    • PDF – 517 Tax-Free Scholarships and Fellowship Grants
    • 517 Tax-Free Scholarships and Fellowship Grants
    • PDF – 521 Reporting Scholarships and Fellowship Grants
    • 521 Reporting Scholarships and Fellowship Grants
    • PDF – 525 Other Types of Educational Assistance
    • 525 Other Types of Educational Assistance
    • PDF – 528 Veterans’ Benefits
    • 528 Veterans’ Benefits
    • PDF – 532 Qualified Tuition Reduction
    • 532 Qualified Tuition Reduction
    • Accounting Comic Break
  • American Opportunity Tax Credit
    • 3 American Opportunity Tax Credit
    • Documents to Download for Reference
    • PDF – 605 Reminders
    • 605 Reminders
    • PDF – 608 Introduction
    • 608 Introduction
    • PDF – 611 Table-Overview of Credit
    • 611 Table-Overview of Credit
    • PDF – 614 Can You Claim the Credit
    • 614 Can You Claim the Credit
    • PDF – 617 American Opportunity Credit Who Can’t Claim the Credit
    • 617 American Opportunity Credit Who Can’t Claim the Credit
    • PDF – 621 What Expenses Qualify
    • 621 What Expenses Qualify
    • PDF – 624 Table – Can You Claim the Credit
    • 624 Table – Can You Claim the Credit
    • PDF – 627 Qualified Education Expense
    • 627 Qualified Education Expense
    • PDF – 631 No Double Benefit Allowed
    • 631 No Double Benefit Allowed
    • PDF – 636 Adjustments to Qualified Education Expenses
    • 636 Adjustments to Qualified Education Expenses
    • PDF – 641 Adjustments to Qualified Education Expenses Examples
    • 641 Adjustments to Qualified Education Expenses Examples
    • PDF – 644 Expenses That Don’t Qualify
    • 644 Expenses That Don’t Qualify
    • PDF – 647 Who Is an Eligible Student
    • 647 Who Is an Eligible Student
    • PDF – 651 Table – Who Is an Eligible Student
    • 651 Table – Who Is an Eligible Student
    • PDF – 655 Who Can Claim a Dependent’s Expenses
    • 655 Who Can Claim a Dependent’s Expenses
    • PDF – 658 Figuring the Credit
    • 658 Figuring the Credit
    • PDF – 661 Effect of the Amount of Your Income on the Amount of Your Credit
    • 661 Effect of the Amount of Your Income on the Amount of Your Credit
    • PDF – 664 Refundable Part of Credit
    • 664 Refundable Part of Credit
    • Accounting Comic Break
  • Lifetime Learning Tax Credit
    • 4 Lifetime Learning Tax Credit
    • Documents to Download for Reference
    • PDF – 705 Introduction
    • 705 Introduction
    • PDF – 708 Can You Claim the Credit
    • 708 Can You Claim the Credit
    • PDF – 711 Who Can’t Claim the Credit
    • 711 Who Can’t Claim the Credit
    • PDF – 714 What Expenses Qualify
    • 714 What Expenses Qualify
    • PDF – 717 Qualified Education Expenses
    • 717 Qualified Education Expenses
    • PDF – 721 No Double Benefit Allowed
    • 721 No Double Benefit Allowed
    • PDF – 725 Adjustments to Qualified Education Expenses
    • 725 Adjustments to Qualified Education Expenses
    • PDF – 728 Coordination with Pell grants and other scholar-ships
    • 728 Coordination with Pell grants and other scholar-ships
    • PDF – 729 Examples – Include or Exclude Scholarship in Income
    • 729 Examples – Include or Exclude Scholarship in Income
    • PDF – 731 Expenses That Don’t Qualify
    • 731 Expenses That Don’t Qualify
    • PDF – 735 Who Can Claim a Dependent’s Expenses
    • 735 Who Can Claim a Dependent’s Expenses
    • PDF – 738 Figuring the Credit
    • 738 Figuring the Credit
    • PDF – 741 Effect of the Amount of Your Income on the Amount of Your Credit
    • 741 Effect of the Amount of Your Income on the Amount of Your Credit
    • Accounting Comic Break
  • Student Loan Interest Deduction
    • 5 Student Loan Interest Deduction
    • Documents to Download for Reference
    • PDF – 802 Can You Claim the Deduction
    • 802 Can You Claim the Deduction
    • PDF – 803 Figuring the Deduction
    • 803 Figuring the Deduction
    • PDF – 804 Effect of the Amount of Your Income on the Amount of Your Deduction
    • 804 Effect of the Amount of Your Income on the Amount of Your Deduction
    • PDF – 805 Student Loan Interest Defined
    • 805 Student Loan Interest Defined
    • PDF – 809 Qualified Education Expenses
    • 809 Qualified Education Expenses
    • PDF – 812 Adjustments to Qualified Education Expenses
    • 812 Adjustments to Qualified Education Expenses
    • PDF – 816 Include as Interest
    • 816 Include as Interest
    • PDF – 819 Allocating Payments Between Interest and Principal
    • 819 Allocating Payments Between Interest and Principal
    • PDF – 823 Don’t Include as Interest
    • 823 Don’t Include as Interest
    • Accounting Comic Break
  • Coverdell Education Saving Account (ESA)
    • 6 Coverdell Education Saving Account (ESA)
    • Documents to Download for Reference
    • PDF – 905 Introduction
    • 905 Introduction
    • PDF – 908 What Is a Coverdell ESA
    • 908 What Is a Coverdell ESA
    • PDF – 912 Qualified Education Expenses
    • 912 Qualified Education Expenses
    • PDF – 915 Contributions
    • 915 Contributions
    • PDF – 918 Contribution Limits
    • 918 Contribution Limits
    • PDF – 921 Additional Tax on Excess Contributions
    • 921 Additional Tax on Excess Contributions
    • PDF – 924 Rollovers and Other Transfers
    • 924 Rollovers and Other Transfers
    • PDF – 927 Distributions
    • 927 Distributions
    • PDF – 930 Coordination With American Opportunity and Lifetime Learning Credits
    • 930 Coordination With American Opportunity and Lifetime Learning Credits
    • PDF – 933 Coordination With Qualified Tuition Program (QTP) Distributions
    • 933 Coordination With Qualified Tuition Program (QTP) Distributions
    • Accounting Comic Break
  • Qualified Tuition Program (QTP)
    • 7 Qualified Tuition Program (QTP)
    • Documents to Download for Reference
    • PDF – 955 What’s New
    • 955 What’s New
    • PDF – 958 Introduction
    • 958 Introduction
    • PDF – 961 What Is a Qualified Tuition Program
    • 961 What Is a Qualified Tuition Program
    • PDF – 964 How Much Can You Contribute
    • 964 How Much Can You Contribute
    • PDF – 967 Are Distributions Taxable
    • 967 Are Distributions Taxable
    • PDF – 970 Coordination With American Opportunity & Lifetime Learning Credits
    • 970 Coordination With American Opportunity & Lifetime Learning Credits
    • PDF – 973 Rollovers and Other Transfers
    • 973 Rollovers and Other Transfers
    • Accounting Comic Break

 

Education Tax Credits & Education Tax Benefits

Google Project Management [Coursera with Google]

Time remaining or 661 enrolls left

 

Don’t miss any coupons by joining our Telegram group 

Udemy Coupon Code 100% off | Udemy Free Course | Udemy offer | Course with certificate