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Tax Credit

 

Thanks to the Fostering Success Tax Credit, also known as the Qualified Foster Child Donation Credit, your tax dollars can now bring new hope for older youth in foster care.

As a taxpayer of the state of Georgia, you can redirect your taxes to The Methodist Home to help youth transitioning out of the foster care system. When you participate, you receive a 100% tax credit to your state income tax bill for your donation.

There is an annual cap of $20 million for this tax credit program. This means that you must apply to use a part of the allocation before making a donation.

Credit limits. There are two periods of limits based on tax filing status and the allocated pool of funds:

January 1 – June 30:

  1. Single individual or head of household – $2,500
  2. Married couple filing a joint return – $5,000
  3. Individual who is a member of a limited liability company duly formed under state law, a shareholder of a Subchapter ‘S’ corporation, or a partner in a partnership – $5,000
  4. Corporation or other entity not provided for in the categories 1-3 above – 10% of such an entity’s income tax liability

July 1 – December 31:

  • For groups 1-3 above, the credit amount will be whatever the State pre-approves.
  • For group 4 above, please discuss with your tax advisor.

When you participate, you receive a 100% tax credit to your state income tax bill for your donation. Click here for additional information.

Applying is Easy!

1. Apply Online

  • Preapproval is required BEFORE you make your donation.
  • The State estimates 30 days to review requests and send preapproval notices by mail (you may also log into your GA Tax Center account to monitor your preapproval status).
  • To allow for the 30 day processing, we recommend requesting preapproval no later than November 15. We must receive your donation in the tax calendar year (on or before 12/31) in order for you to claim the tax credit.
  • Please include a note or check memo indicating ‘GA Tax Credit’.

Create or log into your account at the Georgia Tax Center website.

  • Select Methodist Home of the South GA Conference, Inc. as the Qualified Foster Child Support Organization (QFCSO) and complete the application.
  • Once notified of GA DOR approval, the State requires that you make your donation directly to The Methodist Home within 60 days (the 60-day requirement will not extend beyond December 31 of the tax year).

2. Make your donation – by check or online

  • Checks made payable to The Methodist Home can be mailed to Attn: Development 304 Pierce Ave. Macon, GA 31204. You may write “GA Tax Credit” in the memo line.
  • You may make an online donation under Specialized Services. Select GA Tax Credit in the drop-down menu.
  • We must receive your donation on or before December 31 of the calendar year for you to claim the preapproved credit on your taxes.

3. Confirmation

  • The Methodist Home will mail you an acknowledgement letter and a Qualified Foster Child Donation Credit Letter of Confirmation form (Georgia Form IT-QFCD-FUND1) once your donation has been processed.

Questions?

Contact The Methodist Home for any additional questions, (478) 751 -2800.