How Will Paying for College Impact Your Federal Taxes? A New Section of the IRS Website Has the Answers

There is nothing easy or simple about the US tax code. So when you start paying for college and want to take advantage of IRS deductions or credits or whatever, figuring out FAFSA is a piece of cake by comparison.

But to help taxpayers sort through the quagmire, the IRS has added Tax Benefits for Education: Information Center to its website. The new section has info about various different tax breaks in one place, making it easier to find and, dare we hope, understand. Included are tax credits, tax deductions, savings plans, scholarships and fellowships, and exclusions from income.

Looks like I'll be calling my accountant.

Photo by Darren Shaw, http://www.whitespark.ca