Overview

The Education Planning Answer Book is designed as a one-stop resource for the professional who advises families on the tax and financial issues connected with education planning. Whether you are an accountant, lawyer or financial planner, whether a clients child is still in diapers or is about to enter college, this book will provide you with comprehensive and straightforward answers to the most vexing questions that arise in connection with education planning. For example, the book will put at your fingertips the answers to such questions as: How is a college student taxed on job earnings and investment income? How should a trust agreement be drafted to avoid gift taxes? When is a gift of investment property to a college student preferable to a gift of cash? When can be cost of college be deducted as a business expense? Why should upper-income clients fill out the Free Application for Federal Student Aid (FAFSA)? When will a loan to a college student increase the lenders income taxes? Why is a home equity loan to pay college costs more advantageous than other kinds of borrowings? How will saving for college through multiple Section 529 plans benefit clients? How does a Coverdell Education Savings Account compare to a Section 529 plan as a college savings vehicle? When does reporting the interest on education savings bonds sooner rather than later make tax sense? Which college expenses qualify for the education tax credits? How did the new health reform law affect student loan programs? Planning Points, located throughout the book, highlight practical steps clients can take to assist education planning. Citations to authorities are provided as research aids for those who need to pursue particular items in greater detail. The appendices contain Education Tax Facts, a list of available Section 529 plans and contact i

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