The FAFSA, 529 Plans and Loan Forgiveness: What Tax Practitioners Need to Know About College Financing (LFCF)

Michael J. Tucker, JD, CPA , Fred Amrein, ChFC, Christopher Cyr
  • 3
  • Basic
  • Taxes

Individual course: $99
Best Value: All-Star Tax Season Pass
Volume Discounts: 
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Starting in September 2023, client tax data will automatically populate Department of Education systems that manage many income-related items. With student loan repayment restarting on Oct. 1, 2023 and the new FAFSA available in December 2023, clients will expect their tax professionals to help with these new planning issues. This program will provide tax preparers the knowledge to support clients with student loan repayment, forgiveness, and the FAFSA.

Major Topics:

  • IRS tax data automation with Department of Education systems, specifically loan repayment and FAFSA
  • Tax strategies related to income-driven repayment (IDR) and student loan forgiveness
  • Use of new SECURE 2.0 Act rules in relationship with 529 plans, proper debt structure, student loan repayments, and company retirement contributions
  • FAFSA simplification rule changes impacting business and divorced/separated clients
  • Treatment of student loan payments for recruitment and retention goals as elective deferrals for employer matching retirement contributions and tax-free reimbursement
  • New 529 plan distribution options: Roth conversions, loan repayment, and Dynasty educational fund
  • Impact of parent PLUS loans on retirement and tax planning requirements

Learning Objectives

  • Be familiar with student loan repayment and forgiveness rules, including the changes that will take effect in 2023
  • Understand the increased need for better tax advice in student loan repayment and college funding
  • Be well versed in student loan assistance benefits

Accounting and finance professionals and benefit consultants who need to better understand this new legislation





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