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lmtpop
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Is my contribution for the georgia goal scholarship program deductible on my federal return?

 
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2 Replies
AnnetteB
Intuit Alumni

Is my contribution for the georgia goal scholarship program deductible on my federal return?

Yes. 

Georgia GOAL Scholarship Program, Inc. is a non-profit corporation incorporated under the laws of the State of Georgia, is recognized by the Internal Revenue Service as a tax-exempt 501(c)(3) organization, and is recognized by the Georgia Department of Education as a qualified student scholarship organization under Georgia law.
 
Contributions to GOAL are also deductible for federal income tax purposes.

Is my contribution for the georgia goal scholarship program deductible on my federal return?

Yes, add to Federal as you would any charitable contribution.

Yes, add it to Georgia (by going through the wizard and answering the questions) as if you just arbitrarily sent the Ga. Dept. of Revenue a check, same as if you made quarterly payments instead of employer withholding from your paycheck.  In fact, if you do utilize the GOAL Scholarship and expect a state refund, be sure and tell HR where you work to STOP withholding State from your paycheck.  More in your pocket each week, less you loan the govt. to use interest free until your refund.  However, it does come at a cost - you have to pay the GOAL early in the year BUT,  you also get the advantage of directing money you would give the State to spend arbitrarily anyway, to a school of your choice AND you get the advantage of a Federal charitable contribution.

HOWEVER, be careful now when checking the box to 'I deducted my contribution on my federal return and I need to add it back on my State return."  ... because....  With Trump raising the personal exemption to $12,000 per individual my wife and I no longer itemize (Schedule A) after years and years of doing so.  Therefore, after entering all of our Federal deductions, we now roll with the Standard deduction because it is more.  Therefore, DO NOT check the box to '....add it back into your State income....'   because you never used (itemized) it on Federal.

https://www.goalscholarship.org/docLib/20200121_2019TipsforClaimingtheQEECreditusingTurboTax.pdf

 

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