Give money and get it back in return.
By redirecting Georgia’s withholding tax to Mountain Area Christian Academy (MACA) through the Georgia GOAL Scholarship Program, Inc., instead of giving it to the state, folks will receive a Georgia education expense tax credit for the filing year.
Non-Georgia residents also have the ability to contribute for a tax credit if Georgia state income taxes is paid out by the individual.
In order to do this, a taxpayer must be pre-approved by the Georgia Department of Revenue.
An application should be submitted to GOAL, and the program will take care of the rest.
A single individual can redirect up to $1,000 of his or her income tax payments to GOAL.
A married couple filing separate returns can redirect up to $1,250 each, and a married couple filing a joint return can redirect up to $2,500.
Folks are able to contribute as little or as much within those limits.
As a result, an individual’s or couple’s tax refund will increase by the amount donated.
On the other hand, if one’s state income tax liability is less than the amount that was contributed to GOAL, the amount of the unused credit can be carried for up to five years.
This credit can only be claimed if taxes is filed electronically and must be applied for by December 31.
The tax credit guidelines are listed in the Georgia Code Title 48 Chapter 7-29.16.
As for the scholarship itself, it is used to send children to private kindergarten through twelfth grade institutions of their parents’ choice.
At MACA, 21% of students are able to attend thanks to the scholarship.
Since the scholarship’s inception in 2008, 50% of its scholarships have went to families with an average adjusted gross income of less than $24,000 and 90% to families with an average adjusted gross income of less than $48,000.
In north Georgia, 4,643 scholarships have been awarded since its beginning.
In 2019, 12,262 Georgia taxpayers contributed $38,243,742 to GOAL.
Interested in learning more or applying? Call MACA’s Financial Director Jeffie Barnes at 706-374-6222 or visit the Georgia GOAL Scholarship Program, Inc. website at https://www.goalscholarship.org/.