Private school tuition organization credits
There are two private school tuition tax credits. The first is called the “Credit for Contributions to Private School Tuition Organizations. Single taxpayers may contribute up to $545 and married taxpayers filing jointly may contribute up to $1,083 for tax year 2016.
Once the maximum is reached on this credit, an additional credit becomes available: the Credit for Contributions to Certified School Tuition Organization Credit. The amounts for this credit are an additional $542 and $1,083. Between the two credits, a single taxpayer may claim a credit of up to $1,087; married taxpayers filing jointly may claim a credit of up to $2,173. Unused amounts may be carried forward for up to five consecutive years.
Note that your donation to the school tuition organization will not qualify for the credits if you designate the donation for your dependent. If you designate a non-dependent beneficiary, your donation will qualify for the AZ Tax Credit; however, it will not qualify as a charitable contribution on your Federal tax return. The IRS considers this a gift.
A receipt dated no later than April 15th of the year following the donation is required documentation for all tax credits. If you do not receive a receipt shortly after making a donation, contact the organization and request one.
The five tax credits
- Public school credit
- School tuition organization credit
- Qualified charitable credit
- Qualified foster care credit
- Military relief fund credit
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