A: It’s a dollar for dollar credit for contributions to Qualified Charitable Organizations that reduces the amount of personal income tax owed the State of Arizona. The SCNM Sage Foundation has received approval as a Qualified Charitable Organization.
A: Taxpayers filing as “single” and “head of household” status may claim a maximum credit of $400. Taxpayers that file as “married filing joint” may claim a maximum credit of $800.
A: Anyone who pays Arizona state income tax is eligible for the tax credit.
A: No. Starting with the 2013 tax year, you do not have to itemize deductions to claim a credit for contributions to a qualifying charitable organization.
A: Yes, each tax credit is authorized under different legislation and is independent. Therefore, you can take advantage of both the school tax credits and Charitable Tax Credits.
A: No, the Arizona Charitable Tax Credit applies only on your Arizona State income tax. However, you may be able to claim a federal tax deduction for the amount donated as SCNM Sage Foundation is a 501(c)(3) organization.
A: No, the tax credit is only for individual taxpayers.
A: Charitable Tax credits will increase your state refund. If you owe the state more than the amount withheld from your paycheck or the amount paid in estimated taxes, the credit will reduce the amount you pay and may result in a refund. If the amount of your tax credit exceeds your total tax liability to the state, the unused credits will be carried forward for up to five taxable years.