We all know it is now 9 days into 2014! Winter intersession is completed and students are back at school. Life is getting back to the routine that we feel comfortable with. For many that is music to your ears.
What is new in 2014? The Arizona Tax Credits are going up… So, if you are donating now for Tax Year 2014 – the dollar amounts have changed. I received a call yesterday asking if things were going to change – they are. Look below for those changes in dollar amounts.
Tax Year 2014:
“Original” Credit. Under the first type of contribution (for the “original” credit), the maximum credit amount that may be taken for tax year 2014 is $1,056 for married taxpayers filing jointly and $528 for single taxpayers. The tax credit for contributions to private school tuition organizations is claimed by the individual taxpayer on Form 323.
“PLUS” Credit. An individual may claim an additional credit for making an STO contribution if the amount contributed is greater than the maximum amount that can be claimed on Form 323. The maximum credit amount that may be taken for tax year 2013 is $525 for single, unmarried head of household and married filing separate filers and $1,050 for married filing joint filers. This tax credit is claimed on Form 348.
Combined, the two private school tuition credits allow taxpayers to contribute a total of $2,106 (married) or $1,053 (single).
What does this mean? If you are apply your donation from 1/1/2014 to 4/15/2015 for tax year 2014 – you now have the increase. Remember if you are donating for 2014 tax year only…