Uthena

Course 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.

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)


Are there any course requirements or prerequisites?

  • Some understanding of US income tax law


Who this course is for:

  • Anybody who wants to save on taxes
  • Tax professionals

Course curriculum

  • 1

    Introduction

  • 2

    Education Tax Benefits

  • 3

    American Opportunity Tax Credit

    • 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
  • 4

    Lifetime Learning Tax Credit

    • 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
  • 5

    Student Loan Interest Deduction

    • 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
  • 6

    Coverdell Education Saving Account (ESA)

    • 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
  • 7

    Qualified Tuition Program (QTP)

    • 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

Meet your instructor!

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI


Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Take this course today!

"Education Tax Credits & Education Tax Benefits 2018 2019"

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