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New & Improved Education Credits for 2009 & 2010

Categories Tax Tips (Fed)

The Internal Revenue Service recently announced a new Tax Benefits for Education webpage on IRS.gov.  This new section of the IRS website includes tips for taking advantage of long-standing education deductions and credits.

 

The “one-stop” location for higher education information includes a special section highlighting 529 plans and frequently asked questions. 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 earlier this year. One change under ARRA allows families saving for college to use popular 529 plans to pay for a student’s computer-related technology needs. Under the other change, more parents and students will be able to use a federal education credit to pay part of the cost of college using the new American Opportunity credit.

 

More details on the new web section and related ARRA tax provisions are included in news release IR-2009-78 and fact sheet FS-2009-12.

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