Important Tax Information
In support of the Obama Administration's efforts to promote access to and the affordability of college education, the Internal Revenue Service launched a new Web section highlighting various tax credits, deductions and savings plans designed to help parents and students pay for college.
The new "Tax Benefits for Education section" on IRS.gov provides an overview of all education deductions and credits. The "one-stop" location for higher education information includes a special section highlighting 529 plans, exclusions from income, taxability of scholarships and fellowships. The Web section also features two key changes that will be in effect during 2009 and 2010 that were included in the American Recovery and Reinvestment Act (ARRA), enacted in 2009.