GOAL Scholarship Tax Credit
Georgia GOAL Scholarships are now available to Sophia Academy students through the Georgia Tax Credit!
Through tax credits taken individually and by corporations, Sophia Academy has been able to offer scholarship opportunities—and the growing fund has allowed more families to enroll. Designed to provide public school students better opportunities for K-12 private school choice, GA GOAL Scholarship Program is the Student Scholarship Organization (SSO) with which we have aligned.
Each calendar year, as long as there is room available under the $58 million cap on tax credits established by HB 1133, a married couple filing a joint return can re-direct up to $2,500 and individuals up to $1,000 of their income tax payments to GOAL. Owners of S-Corps, LLCs and Partnerships may now contribute up to $10,000 to a SSO for tax credit if they had Georgia tax liability. If both husband and wife both earn income from pass-through entities, each can contribute up to $10,000 for a total of $20,000. Click here for a list of Pass-Through Entities FAQs. Additionally, a “C” corporation can receive a tax credit for amounts contributed to GOAL, up to 75% of their GA income liability. You designate your portion to a specific school and GOAL Scholarship Program will disburse to qualified students as they are accepted by the school.
Steps to Obtaining a GOAL Scholarship Tax Credit:
- Seek Approval: For the first time, you may "register" before 2014 for your 2014 credit. Click here for the online application for approval. Once you receive approval by email, you may pay beginning in January, but you do have 60 days to send check or credit card payment to GOAL, due no earlier than March 1. OR you can complete the Goal Tax Credit Form and give to Cathi Athaide at Sophia Academy with a check made out to GOAL Scholarship or credit card. The check will be deposited when you are approved. Please indicate the school's name on the memo line.
- Receive Approval: Within 30 days, the DOR will send you back the approved TP1 form. The school will also send an acknowledgement.
- Claim the Credit: GOAL will send you a Form IT-QEE-SSO1 (SSO1) acknowledging your contribution. When you complete your 2014 Georgia income tax return, take the credit. GOAL will send tax filing instructions.
The GOAL Paperless Process is up and running for 2014! You may direct contribute online via this link: http://www.goalscholarship.org/for_donors/page/goal-paperless-process. This is a quick and easy way for donors to reserve their spot in line for a 2014 tax credit. Please note that payment should not be made until 2014.
Click here for more information on Georgia's GOAL Scholarship Program.