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December 2015

Tax Credits Benefit Arizona Kids, Working Poor

Some charitable contributions give you control over how a portion of your state income tax dollars will be used.

As the year end rapidly approaches, you may be considering making some of the special Arizona charitable donations that generate a dollar-for-dollar tax credit on your Arizona return, as well as a Federal income tax deduction.  Here are the details on those special donations. Happy year-end tax planning!

Public School Tax Credit | AZ Form 322

A credit for contributions of up to $400 for couples filing jointly, and $200 for all other filers, is available for payments of fees to an Arizona public school or charter school for support of extracurricular activities or character programs. Deadline: December 31

Private School Tuition Organizations | AZ Form 323

A credit for contributions to a Private School Tuition Organization of up to $1,070 for couples filing jointly, and $535 for all other taxpayers. The contribution provides scholarships or grants to qualified elementary and high schools.

In making your contribution, you can request that it be designated for a specific student, with the exception that parents cannot designate contributions for their own children or other dependent. Deadline: April 15 or the filing date of your tax return, whichever occurs first

Certified School Tuition Organizations | AZ Form 348

A credit for contributions to a Certified School Tuition Organization of up to $1,064 for couples filing jointly, and $532 for all other taxpayers. This credit is available only to individuals that first donated the maximum amount allowed under the Credit for Contributions to Private School Tuition Organizations (AZ Form 323) above. Deadline: April 15 or the filing date of your tax return, whichever occurs first

Charities that Provide Assistance to the Working Poor
and Foster Care Charitable Organizations | AZ form 321

A credit of up to $400 for couples filing jointly, and $200 for all other filers is available for contributions to a qualified charitable organization.

An additional credit of up to $400 for couples filing jointly, and $200 for all other filers is available for contributions to a qualified foster care charitable organization. If you contribute only to a qualified foster care organization, the max credit is $800 for couples filing jointly, or $400 for all others. Deadline: December 31

See the Arizona Department of Revenue’s list of qualifying charitable organizations for both credits, with foster care organizations highlighted.

 

about the author

Jim Ryan advises and assists Arizona business owners and high net worth individuals in sophisticated estate planning, corporate transactions, business planning and estate administration.

Jim is a Certified Specialist in Estate & Trust Law (Arizona Board of Legal Specialization) and is listed in the current editions of  Super Lawyers and The Best Lawyers in America.

He is a member of the American College of Trust and Estate Counsel, past chair of the State Bar of Arizona's Estate and Trust Advisory Commission, and a member of the Executive Council of the State Bar's Probate and Trust Section.

Jim co-authored the 2012 edition of the "Arizona Probate Code Practice Manual."