What is the maximum amount I can contribute?
Up to $1,000 for a single individual. Up to $2,500 for a married couple. Up to 75% of a C-corp’s or eligible Trust total Georgia income tax liability. $10K max for Pass-through taxpayers.
How is this education credit better than a tax deduction?
This credit gives you a dollar-for-dollar reduction in the amount you owe in Georgia taxes. For example, if you donate $2,500, then your tax bill would be reduced by the full $2,500.
How does this impact my current tax withholding?
Participation in the program does not automatically change your withholdings amount. The benefits of your donation will be realized when you file your year-end taxes.
If I am itemizing on my federal return, under the tax code, is there any additional benefit?
Great news! Any amount of your contribution above and beyond your $10K max deduction will significantly reduce your federal tax burden.
What happens if my donation exceeds my tax liability?
The tax credit is a “nonrefundable” credit. Any excess can be carried forward for up to 5 years.
Can I donate if I plan to get a refund when I file my taxes?
Yes! Getting a refund means you’ve overpaid your tax liability. Making a donation will decrease your “pre-paid” tax liability, potentially resulting in an additional refund.
Can Georgia GOAL accept matching gifts and charitable contributions?
Yes. Georgia GOAL is a 501c3 non-profit and is eligible to receive all charitable gifts. Participation in the Georgia GOAL tax credit, due to the changes in the tax code, will likely significantly reduce your federal tax burden as you are receiving both a dollar-for-dollar Georgia tax credit and a federal charitable contribution deduction.