529 Plans, Coverdell ESAs, and ABLE Accounts
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This CPE Course provides you with an overview of the basic rules as well as recent tax developments and highlights planning tips and techniques to help you in your practice.
Publication Date: September 2022
Designed For
Practitioners assisting in education planning
Topics Covered
- Federal tax rules and other considerations for 529 plans
- Advantages and disadvantages of 529 plans
- Tax rules for distributions from 529 plans
- Coverdell ESAs, including advantages and disadvantages
- Coverdell ESA distributions
- ABLE accounts, including proposed regulations and eligibility requirements
- Contribution limits of ABLE accounts
- ABLE account rollovers and distributions
Learning Objectives
- Describe the different types of tax-advantaged savings plans for education and disabled children
- Explain the differences between 529 prepaid tuition plans and 529 college savings plans
- List the types of qualified expenses for tax-free ABLE account distributions
- Describe what year 529 plans became tax free
- Identify the number of basic types of 529 plans
- Recognize which state does not provide for a prepaid tuition plan
- Identify the age limit for a beneficiary for a 529 plan
- Identify how many times per year are investment changes are allowed for ABLE Accounts
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
