Claim your 2024 Tax Credit by Mar. 9, 2024
Note: First check your emails from Jan 2024 for a message from Laura Haynes (firstname.lastname@example.org), and follow the instructions to claim your tax credit by Mar. 9, 2024.
Did you request a 2024 QEE Tax Credit?
Did you request a 2024 QEE Tax Credit? (You would have done by Dec. 31, 2024 through the Pay It Forward website?)
If so, its' time to claim your tax credit - click here to claim your tax credit by March 9, 2024.
Remember - when you claim your tax credit for the QEE Tax Credit program through Pay It Forward, the state of Georgia not only gives you those funds back as a tax credit, but they also give the same amount as a scholarship to DCS students!
- If you did apply for the 2024 tax credit, please check your emails in Jan 2024 for a message from Laura Haynes (email@example.com), and follow the instructions to claim your tax credit by Mar. 9, 2024.)
- Maximize your gift: There is a small fee when contributing by credit card. If you wish for the maximum amount possible to go to DCS, consider paying by check.
- Double your impact! If you work for a company with a matching gift program, ask your HR team if Pay It Forward (Tax ID 27-5096979) is eligible for a matching gift. While not all corporate matching programs will match to DCS, almost all programs will match to Pay It Forward. Please email DCS if your company matched your Pay It Forward donation: firstname.lastname@example.org.
- If you did not apply for the 2024 tax credit, you can still help! Simply apply for the 2025 tax credit (application will open on Mar. 1, 2024, the deadline to apply is Dec. 31, 2024).
What's in it for me?
When you participate in the QEE tax credit program:
1.You know your tax dollars will go to a cause you support
2. You receive a 100% state tax credit for the amount of scholarship you fund
3. You can claim a charitable contribution on your federal taxes for the amount of the scholarship you fund. (Consult your tax professional.)
4. You know you are funding scholarships for students
Sounds like a great program!
Yes, it sounds too good to be true… but it’s not. It’s an amazing way to use your tax dollars for your own benefit, and for DCS students.
It’s free to reserve your tax credit, and costs you nothing in the long run.
DCS has chosen to partner with Pay It Forward for the QEE program. (This is the group that delivers the scholarships to our students, and manages this tax credit program).
The deadline to reserve the 2024 tax credit is Dec. 31, 2023 – so we want to get as many small businesses and individual taxpayers as possible to reserve their tax credit – and select “Dunwoody Christian School” on their application. Other private schools are also requesting these funds, and the state has a limited the amount of funds to distribute each year. (It was $120 million for 2023-TBD for 2024).
Please help DCS get a bigger slice of the pie by reserving your tax credit today!
The state of Georgia will total up of all QEE funds that have been directed to DCS, and those funds are distributed evenly to qualifying DCS students through the Pay It Forward scholarship program. Nearly 75% of DCS students are eligible to receive these funds - so your tax credit contribution will benefit a lot of DCS students!
Dunwoody Christian School
Frequently Asked Questions
1. How can I reserve my QEE Tax Credit?
By Dec. 31, complete the tax credit application at payitforwardscholarships.com/donors Choose “Dunwoody Christian School” on the application. Reserve the maximum. You can change the amount you contribute later, after the state determines approved amounts.
To apply for a 2024 tax credit, you must submit the application by Dec. 31, 2023.
2. What is the Georgia Qualified Education Expense (GA QEE) Tax Credit Program?
The GA QEE Tax Credit Program allows Georgia residents and corporations to receive tax credits for donations to student scholarship organizations (SSOs) like Pay it Forward Scholarships. In turn, the SSOs provide student scholarships to parents of eligible children who are attending private school. The tax credit program provides a state of Georgia dollar-for-dollar tax credit when Georgia taxpayers request the tax credit, are approved, and then donate their tax credit to Pay it Forward Scholarships. Tax credits are available on a first-come, first served basis through the Georgia Department of Revenue (GA DOR). Pay It Forward requests tax credits from the GA DOR on behalf of taxpayers annually in January. Tax credit donations must be made within 60 days of being approved. Taxpayers decide what school they want their funds to benefit. The QEE Tax Credit program funds scholarships for students at approved private schools in Georgia.
3. How will I know if my QEE Tax Credit request is approved?
According to Georgia law, the GA DOR has 30 days to approve your request once it has been submitted. Taxpayers are notified by letter from the GA DOR that their tax credit has been approved and at what amount. Pay it Forward is also notified of the taxpayers' approval and we send out emails with approval information as soon as we receive that information from the GA DOR.
4. How and when do I send my donation?
Your tax credit donation should be made within 60 days of the date of your Tax Credit Approval letter from the GA DOR. We estimate that this deadline is approximately March 31st of each year. You can make your donation via credit card (see the Pay It Forward website) or by mailing a check to: Pay it Forward Scholarships, 615 Oak Street, Suite A, Gainesville, GA 30501.
5. How do I get a receipt so that I can claim the tax credit on my tax return?
Pay It Forward provides the Georgia Form IT-QEE-SSO1 to taxpayers who made a contribution to our student scholarship organization. This receipt/form is emailed to taxpayers by January 31st for the previous year's donations.
e.g. Your 2024 tax credit receipt/form will be emailed to you by Jan. 31, 2025. If a 2024 receipt is needed prior to January 31, 2025 please send an email to email@example.com.
6. Can I request a tax credit as an individual AND also as business?
It depends on the business classification. No matter what, you should always request as a business if you can, to receive the maximum benefit.
- LLC, S-Corps, Partnerships: No. A taxpayer is limited to choosing ONE way to request the tax credit. If the taxpayer wanted the opportunity of being approved for, and subsequently donating more than the individual limits ($2,500 for single or $5,000 married filing jointly), he or she should request the tax credit as a small business owner, where that limit then is a max of $25,000 for single, or $50,000 if married filing jointly, small business owners.
- C-Corp or Trusts: Yes, then both the individual AND the business could participate because in that case it would be separate requests and not both tied to same SSN#, but tied to a SSN# and Tax ID.
7. If a small business is an LLC, S-Corp, or Partnership, where does the business owner see the tax credit applied?
On the personal filing – because those types of businesses file taxes under the owner’s SSN.
8. If a small business has multiple owners (e.g. partners), can each partner apply for the maximum tax credit?
9. What if I pay quarterly estimated taxes?
If you pay your current year’s Georgia income taxes on a quarterly basis, in four equal installments, due on April 15, June 15, September 15, and January 15 (of the following year), you can reduce a portion of each quarterly estimated income tax payment if you contribute for a tax credit within the same year
10. I’ve made an error on my tax credit application, can I change it?
Yes – if it’s prior to the Dec. 31 application deadline. Simply complete a second application on payitforwardscholarships.com/donors for your business. Then email Laura Haynes (firstname.lastname@example.org) at Pay It Forward by Dec. 19 and inform her that you would like to cancel the first application.
11. Why should I apply for the maximum tax credit?
The state of Georgia sets a cap for how much is available to distribute in QEE Tax Credits (e.g. for 2023, the cap was $120 million). If taxpayers collectively apply for more than the cap, the amount for which you are approved is prorated (reduced) down to meet the cap limit. By not pledging the maximum, you risk not be able to contribute the amount you wish. This will result in a reduced scholarship balance for Dunwoody Christian School. Remember, there is NO OBLIGATION to fund the entire amount. It is very important to always apply for the maximum and pledge early.
12. Are there any tax filing restrictions to claim the tax credit?
Yes, you may only claim your credit if you file your taxes electronically.
13. How do I know what my Georgia income tax liability is?
Your Georgia income tax liability is typically Georgia's marginal tax rate (e.g. 5.75% for 2023) multiplied by your Adjusted Gross Income (AGI). If your income and deductions will not change much from the prior year, you can look at your Georgia income tax return (Form 500) for your income tax liability for the prior tax year and estimate your tax liability accordingly. Of course, only an accountant or other tax professional can provide you with a solid estimate of your upcoming Georgia income tax liability.
14. Can I reduce my Georgia income tax withholdings so that I can recoup my funds instead of waiting until I file my taxes?
Yes. You can recoup your donation sooner by adjusting your state withholding amount from each paycheck until you recoup your donation amount.
15. I usually get a refund from the state of Georgia. What happens if I claim a QEE tax credit?
For taxpayers who claim a tax credit as individuals, married filing separate, or married filing jointly, if your Georgia income tax liability is at least as much as your tax credit, your refund will increase by the amount of your tax credit. If on the other hand, your state income tax liability is less than the amount of your tax credit, the amount of the unused credit can be carried forward for up to 5 years.
16. Can I apply for the QEE tax credit if I don't reside in the state of Georgia?
Generally the answer is yes, as long as you pay Georgia state income taxes you can apply for the tax credit. However, it is recommended that any non-GA residents consult with their tax advisor before applying for the tax credit.
17. What is the history and purpose of the QEE tax credit legislation?
In 2008, the Georgia General Assembly passed the Qualified Education Expense (QEE) Tax Credit bill (HB 1133), and Governor Sonny Perdue signed it into law. The legislation was further amended in 2011 (HB 325), 2013 (HB 283), 2018 (HB 217), and 2022 (HB 517). The law provides for the creation of student scholarship organizations (SSOs) to which Georgia individual and corporate taxpayers can contribute in exchange for a state income tax credit. The SSOs use the contributions to award scholarships to students from K-12 public schools so that they can attend the private schools chosen by their parents.
18. How does a tax credit differ from a deduction?
A tax credit is significantly more beneficial than a deduction. A credit reduces your Georgia taxes dollar-for-dollar while a deduction reduces the taxable income upon which taxes are calculated.
19. Will this trigger an audit of my return?
No. The credit is applied against your Georgia income tax liability, and is preapproved by the state of Georgia. It is treated just like additional withholding tax.
20. Can I designate that my tax credit contribution be used for a specific school?
Yes, please select Dunwoody Christian School as your designated school. (Please be careful not to select Dunwoody Christian Academy, which is a neighboring school, if you wish us to receive your support. In order to support DCS, please select “Dunwoody Christian School” on your tax credit application.)
21. Can I designate that my tax credit contribution be used for a specific student?
22. Where can I find out more about Pay It Forward and/or Dunwoody Christian School?
Learn more about Pay It Forward at: www.payitforwardscholarships.com
Learn more about Dunwoody Christian School at www.dunwoodycs.org
23. Can my company match my contribution to Pay It Forward?
Yes - ask your HR team! If you work for a company with a matching gift program, ask your HR team if Pay It Forward (Tax ID 27-5096979) is eligible for a matching gift. While not all corporate matching programs will match to DCS, almost all programs will match to Pay It Forward. Please email DCS if your company matched your Pay It Forward donation: email@example.com.
Looking for information on the Pay It Forward Scholarship?
If you are looking for information on the scholarship program (different from the tax credit), click here.