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State of Georgia Qualified Education Expense
Tax Credit Program Frequently Asked Questions
What is the Georgia Education Expense Tax Credit program?
The Georgia Education Expense Tax Credit program is possibly the most popular
tax credit in the state. It allows Georgia taxpayers to redirect a portion
of their Georgia state income taxes to help students attend independent
schools like Whitefield Academy.
How does the tax credit program work?
Individual schools partner with student scholarship organizations (SSO) to
administer the program. Whitefield Academy has chosen Georgia GOAL Scholarship
Program as our SSO. More information about Georgia GOAL can be found at
www.goalscholarship.org.
What does a tax credit look like?
A tax credit is significantly more beneficial than a deduction because
it reduces your Georgia state taxes dollar-for-dollar versus a deduction,
which reduces the total taxable income on which taxes are calculated.
Who is eligible to receive Georgia Education Expense monies?
Qualifying students are qualified financial aid recipients who are coming
from either a Georgia public school, home school or entering Pre-K or Kindergarten.
My child is already at Whitefield Academy, why should I participate?
One of Whitefield Academy’s core values is an enrollment that reflects
the racial, ethnic, and economic diversity within the body of Christ.
This program is just one of the ways that we are seeking to fulfill that core value.
If I participate in the tax credit program, does this count as my gift to the Whitefield Fund?
No. While participation in the Tax Credit program benefits Whitefield Academy
by enhancing the budget for financial assistance, it is not considered a donation.
When you participate, you redirect tax dollars already owed to the state.
We continue to rely on your support of the Whitefield Fund, Alumni Fund,
Leaving a Legacy campaign and other donations to make the Whitefield
experience truly exceptional for our students.
How will contributing to Georgia GOAL impact my federal income taxes?
IRS Regulations, finalized in June 2019, make it clear that taxpayers will
experience no cost or financial advantage for contributing to state income
tax programs, like Georgia GOAL. Their contribution will simple be a
“wash” for federal income tax purposes.
How much do I contribute?
- $2,500 for married couples filing jointly
- $1,250 for married couples filing separately
- $1,000 for individuals
Can my company participate?
Yes.
- Up to $10,000 for S-corp shareholders, members of an LLC or partners in a partnership
- Up to 75% of Georgia tax liability for C-corporations or trusts.
Note:
Taxpayers are not able to combine the individual tax credit
opportunity with the pass-through opportunity. The taxpayer must
choose to file individually/jointly or as a pass-through entity
Can my company match my contribution?
Yes. Georgia GOAL Scholarship Program is a 501(c)(3) charitable organization and
therefore qualifies to receive corporate matching funds. Participants should ask
their Human Resources or Community Relations office to find out if their employer
has a matching gift policy and for paperwork. After completing the paperwork,
the participant will submit the form to Georgia GOAL to confirm the donation
so that the process can be completed.
Has Whitefield changed the admission criteria to accommodate students who qualify for this program?
No. Admission standards will not be relaxed. All recipients must complete
our regular application for admission and apply for financial aid. Acceptance
for admission will be based on the current standards and criteria for
admission to our school. Exceptions will not be made for applicants who
are eligible for this program. The program simply allows families with
qualified students who had not previously been able to attend our school
due to monetary constraints to do so.
