TaxAct information

We received this from TaxAct today and thought our readers would like to know about it:

From scholarships and student loan interest, to qualified tuition program expenses, figuring out whether you can claim deductions or credits for college and educational costs can be difficult. TaxACT has released a free, easy-to-use, interactive tool that gives taxpayers straightforward information about college tax breaks.

TaxACT's College Tax Whiz breaks down 10 tax benefits for current and future college students, families and even graduates. Information includes amounts, acceptable expenses, types of education and other key qualifiers for 2010 returns in a question and answer format.

Additional tools for the American Opportunity and Lifetime Learning Credits, worth up to $2,500 and $2,000 per student, are included in College Tax Whiz. The tools guide users through the detailed criteria to help them determine whether or not they qualify for these valuable credits.

College Tax Whiz accounts for two major educational tax breaks that expired for 2010. While the $1,800 Hope Credit is not included in the pending tax extenders bill, the above-the-line deduction for qualified tuition and related expenses, worth up to $4,000 in previous years, could be renewed for 2010 returns. If this deduction or any other major education tax breaks are added for 2010 returns, TaxACT will add the information to College Tax Whiz.

Available now, TaxACT 2010 Free Federal Edition guides you through all education credits and deductions. As you answer simple questions, TaxACT completes the forms and does the math. Results are backed by accuracy and maximum refund guarantees, and unlimited tax help via e-mail is free. Best of all, TaxACT Free Federal Edition allows everyone to prepare, print and e-file a simple or complex federal return free. Learn more about Free Federal Edition in our Preview press release.