AZ State income tax CREDIT

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maddog1927
Posts: 313
Joined: April 4th, 2010, 8:10 am
Location: Mesa, AZ

AZ State income tax CREDIT

Post by maddog1927 »

OK guys, I’m not particularly good at turning the crank on the ‘ol fund raising mill, but here’s the deal…If you live in Arizona you can make up to a $1006 donation to my son CJ’s scholarship fund and get EVERY dollar back with your 2013 tax return.

My son CJ, age 10, has severe Dyslexia and goes to a private school. His tuition is very expensive, and only possible because of the friends and family members that make donations on his behalf.

I know this is a tall request, from a man you have likely never met, and the end result is you’ll just have one more guy in the area with a little extra cash beating you to the craigslist deals on CR500 motors and gen 3 parts!

I'll try to explain some of the highlights.

Singles can make up to a $503 donation, married couples can make up to a $1006 donation , and get EVERY dollar back as a tax credit, not a deduction, but a dollar for dollar CREDIT.

Let me explain the "up to $1006". Say George is married and would like to make a donation, and say his 2012 AZ State income tax liability was $600. It would be best for him to donate $600 because he would get the cash back quickly, in his AZ income tax return. If he were to donate $1006, he would eventually get the full amount back, $600 right away with his 2012 state tax return, but the remaining $406 would carry forward as a credit in to following year(s).

The very interesting thing about this credit is that it can be made up until April 15th 2013, and be retroactive to the 2012 tax year. This is huge in that:

1) If you make the donation as you figure your taxes you can make sure to donate according to your liability.
2) If you make the donation right when you file, you'll get the money back quick when your return comes.

If you have a tax preparer do your taxes they'll know what to do. If not you will need to fill out AZ form 323. A friend of mine just made a donation as he was doing his taxes, he was using Turbo Tax to file and said that turbo tax had form 323 in it and it was easy.

If you make a donation, be sure to remember to put it on your "charitable contributions" at the federal tax level, it’s not retroactive, so you'll have to do that next year when you file 2013 taxes.

I recognize that there is added paper work involved, and being out that kind of cash until the return comes back is no fun. I really appreciate the donations that are made; they come right off the top of CJ's tuition.

Donations are anonymous, so if you do donate let me know so I can thank you.

The easiest way to donate is to go online to: http://apesf.org/ , select the “TAKE THE CREDIT” button near the upper right hand corner, then:

Fill out the appropriate information in the “Donor Information” Area

Under the “recommendation” area:
Select “A SPECIFIC STUDENT”
First Student’s Name: CJ Rowley
School Attended: New Way Academy

Leave the other fields blank under the “recommendation” area blank

Fill out the appropriate information in the “Donation details” Area

Below that there is an area about “OVERFLOW” donations. After the original $1006 donation is made, an additional “up to” $1000 donation can be made. The original $1006 is the only donation that would help CJ. He does not meet the criteria for scholarships that come from “OVERFLOW” donations.

If you have any questions feel PM me. I have a 4 page write up that goes into more detail I could E-mail, or give you my # so you could call with questions. I am total low pressure and don't twist arms on this sort of thing, I'll just do my best to answer any questions.

Clint
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