Here's what you need to know to claim a tax credit for a donation to a School Tuition Organization:
- Donations that qualify for the tax credit are those that provide scholarships or grants to qualified elementary and high schools
- The maximum credit amount is $528 for a single, unmarried head of household and $1,056 for married couples filing jointly. This credit is claimed on form 323.
- After you reach maximum donation referenced above, additional donations to School Tuition Organizations — up to $525 for an individual or $1,050 for a couple — can be claimed on form 348.
- Donations to private schools can made up to April 15, 2015 and still be claimed on your 2014 tax return.
- You cannot designate your donation to directly benefit your dependent, but you can make a donation to benefit a relative who is not a dependent. "Swapping" — parents agreeing to contribute to each other's kids — is prohibited.
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- When you make a donation, make sure you get a receipt showing the name and address of the school tuition organization, your name, the amount paid, and the date paid.
Contact reporter Emily Bregel at ebregel@tucson.com or 807-7774. On Twitter: @EmilyBregel
Emily Bregel
Border reporter
