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Notice to AZ Residents (Other state residents look for qualification notices coming in 2013): If you are an AZ resident, donating to EARN by Dec. 31, you can claim up to two (2) separate/cumulative tax credits for 2012 that reduce your AZ tax bill on a “DOLLAR FOR DOLLAR” basis. Here’s how it works:
Part 1: AZ Tax Credit for Donation to An Organization Serving the Working Poor
Individuals – $200 / Couples – $400
Part 2: AZ Tax Credit for Donation to School Tuition Organizations
Individuals – $503 / Couples – $1034
Total “DOLLAR FOR DOLLAR” AZ Tax Credit for Tax Year 2012 =
$703 for Individuals / $1434 for Couples
AZ RESIDENT TAX CREDIT DETAILS:
1) Prepare your state tax return – you must itemize!
2) 1ST Complete Arizona Tax Form 321 and include it with your state return.
3) 2ND Complete Arizona Tax Form 323 and include it with your state return.
4) Your donation “may” also be claimed as a charitable deduction on federal returns.
Credit for Contributions to Organizations Serving the Working Poor
AZ FORM 321: Couples who file jointly can reduce their state taxes by up to $400; individuals or head of household filers can claim a tax credit of up to $200. The money you would otherwise pay in taxes can benefit your community through the organizations that you choose!
Recent state law changes mean you no longer need to compare current year donations to prior year donations; in other words, the “baseline year” requirement has been eliminated.
The Arizona Charitable Tax Credit is completely separate from the Private School Tuition and Public School Activity tax credits – you may participate in any or all three if you choose.
If you have no Arizona tax liability for the current year, you may carry the tax credit forward for up to five years.
Your donation may also be claimed as a charitable deduction on your federal income tax.
Credit for Contributions to School Tuition Organizations
An individual may claim a credit for making a donation to a School Tuition Organization for scholarships to private schools. The maximum credit amount that may be taken for tax year 2012 is $503 for single, unmarried head of household and married filing separate filers and $1,006 for married filing joint filers. The maximum credit amount that may be taken for tax year 2013 is $517 for single, unmarried head of household and married filing separate filers and $1,034 for married filing joint filers. The tax credit for contributions to private school tuition organizations is claimed by the individual taxpayer on Form 323.
Again, thank you for helping EARN “Build Stronger Communities…One Student At A time!”