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
  • 3
  • Basic
  • Taxes
On-site : Not available; please select a webinar
Webinar : October 18, October 26
Broadcast Times

Individual course: $94
Best Value: All-Star Tax Season Pass
Volume Discounts: 
Click here for details.

Overview

Starting in July 2023, client tax data will automatically populate Department of Education systems that manage many income-related items. With student loan repayment restarting in 2023 and the new FAFSA available on Oct. 1, 2023, clients will expect their tax professionals to help with these 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, student loan repayments and company retirement contributions
  • FAFSA simplification rule changes impacting business and divorced/separated clients
  • Treatment of student loan payments as elective deferrals for employer matching contributions
  • New 529 plan distribution options: Roth conversions, loan repayment, and Dynasty educational fund

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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Varies by state. Check back soon for details