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Student Loan Repayment and Individual Taxes
IRS Program #: X9QQU-T-01034-23-O
CTEC #: 6257-CE-0203
CE: 1 IRS & 1 CTEC credit
Speaker: Fred Amrein
More student loan borrowers are using Income-Driven Repayment (IDR) methods. This trend is expected to accelerate once repayment restarts. As a result, student loan borrowers will requireadditional advice due to the increased complexities. For example, a married couple who both have student loans could have up to 126 different combinations of repayment and tax filing options. They expect the loan servicers to help them navigate these options, but they legally cannot provide all the necessary options to make the best repayment and forgiveness decisions.
Tax Preparers and financial advisors are uniquely positioned to provide this needed advice. Both understand and legally can provide personal financial advice to help borrowers maximize their repayment options. Tax preparers have an added advantage since they can calculate the turn cost of filing methods and managing AGI.
This program will link the previous day's knowledge of the various student loan repayment options and their direct relationship to repayment and forgiveness. It will provide case study examples of how simple adjustments could result in thousands or hundreds of thousands of dollars for your clients. We will also cover the risk to your business if you do not have this knowledge.
- Understanding the impact of tax filing decisions on student loan repayment
- Proper management of AGI when using Income-Driven Repayment
- Broaden your focus from tax efficiency solutions when clients have student loans
- Displaying an approach to help you compare a client’s options.
- Timing of tax filing strategies to lower a client’s monthly payment