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How do I participate in the program?It’s easy. All you have to do is either complte our easy paperless process or complete the Apogee Donation/Authorization Form, Sign Page 2 of Form IT-QEE-TP1, write a check to “Apogee Scholarship Fund” and Apogee will submit the paperwork on your behalf. Apogee will receive your approval notice within 30 days. Once the approval notice is received, your check will be deposited.
Is there a limit to how much I can give each year?Yes, the amount you can give is limited by your tax filing status:
· Married Filing Jointly: Maximum of $2,500
· Individual Filer: Maximum of $1,000
· Married Filing Separately: Maximum of $1,250
· Individuals who receive pass-through income can contribute up to $10k
· C-Corporation: Up to 75% of GA tax liability
Can I direct my contribution to help a specific student?Apogee does not accept donations specifically requesting an individual as a recipient. Donors would lose their ability to receive a charitable contribution, as well as the Georgia tax credit. Most importantly, Apogee is a 501c3 non-profit organization and is bound first and foremost by the rules and regulations governing this special status. As a 501c3, Apogee is not permitted to accept any donations directed to a specific individual. By doing so, Apogee would be putting its non-profit status in jeopardy and in turn, its SSO status in jeopardy.
Who or what is Apogee?Apogee Scholarship Fund is state registered SSO (Student Scholarship Organization) as well as a 501c3 non-profit organization whose primary functions are to facilitate the process of distributing tax credits in exchange for donations and to disburse those funds for private school tuition scholarships. "Apogee" (ap-uh-jee) is defined as the highest point (typically of an arc). To this end, we strive to help children reach their highest educational potential.
How do I know what my GA tax liability is?Your GA tax liability is typically 6% of your Adjusted Gross Income (AGI). You can also look at Line 18 of your GA tax return (Form 500) to learn your GA tax liability.
Why should I give now?The State has placed a yearly cap on the amount of credit available at $58 million. That means that every school, tax payer, and corporation in GA is drawing from the same exact pool of credits. Once the funds are used up, you will have to wait until next year to participate in the program. Once funds are deposited, they are immediately available to help families seeking an educational choice for their children. As we near closer to the end of the year, it will become more and more difficult to secure approvals from the DOR in time to make your contribution and receive your tax credit.
Can I reduce my quarterly estimated tax payments by the amount I donate?This a great opportunity to write the check to support education instead of paying that portion of estimated taxes. Ask your accountant to reduce your quarterly estimated tax payYes. Your estimated payments are only an estimate of your total tax liability divided into four payments. This is a great opportunity to write the check to support education instead of paying that portion of estimated taxes. Ask your accountant to reduce your quarterly estimated tax payment by the amount of your contribution. This will reduce each of your quarterly payments by 25% of the amount you intend to contribute.
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