- How do I participate?
Just complete the form online at www.apogee123.org/forms. Apogee will receive your approval notice within 30 days. Once the approval notice is received, send your payment by check or pay online within 60 days of your approval date.
- How does a tax credit differ from a deduction?
A tax credit is significantly more beneficial than a deduction. A credit reduces your actual Georgia taxes owed, dollar-for-dollar, while a deduction reduces the taxable income upon which taxes are calculated.
- Is there a limit to how much I can give each year?
Yes, the amount you can give is limited by your tax filing status: Please note that these have increased for 2023!
· Individual Filer: Maximum of$1,000 $2,500
· Married Filing Separately: Maximum of$1,250 $2,500
· Married Filing Jointly: Maximum of$2,500 $5,000
· Individuals who receive pass-through income can contribute up to$10,000 $25,000
· C-Corporation: Up to 75% of GA tax liability
- How do I know what my GA tax liability is?
You can find your GA tax liability on Line 18 of your GA tax return (Form 500), it is typically 6% of your Adjusted Gross Income (AGI). Of course, only an accountant or other tax professional can provide you with a solid estimate of your upcoming Georgia income tax liability.
- I usually get a refund from Georgia. What happens if I donate to APOGEE?
For taxpayers who contribute to APOGEE as individuals who are single, married filing separately, or married filing jointly, if your refund will increase by the amount of your donation.
- What happens if my donation exceeds my tax liability?
The tax credit is a “non-refundable” credit. What that means is that you cannot receive a refund for any more than your GA tax liability. Any excess credit beyond your tax liability can be carried forward for up to 5 years.
- Can I reduce my quarterly estimated tax payments by the amount I donate?
Yes. Your estimated payments are only an estimate of your total tax liability divided into four payments. This is a great opportunity to write the check to support education instead of paying that portion of estimated taxes. Ask your accountant to reduce your quarterly estimated tax payment by the amount of your contribution. This will reduce each of your quarterly payments by 25% of the amount you intend to contribute.
- Can I contribute to the APOGEE for a tax credit if I don’t reside in the state of Georgia?
Yes. As long as you pay Georgia state income taxes you should be able to contribute to the Georgia Tax Credit Scholarship, even if you don’t physically reside in the state of Georgia.
- Why should I make my pledge now?
The State has placed a yearly cap at $120 million. If the cap is met prior to the deadline in December, each pledge will be “reverse prorated” proportionally so that the combined pledges do not exceed $120 million.
For example, if you pledge $2,000 and there is a total of $240 million pledged, they DOR will reduce each pledge to ½ the amount so that the cap remains at $120 million. This means your maximum amount to donate will be reduced to $1,000.
If the cap is not met by the deadline, the pledge period will be extended until it is. Once the cap is met, you will have to wait until next year to participate in the program.
- Can I direct my contribution to help a specific student?
No. APOGEE and Brookwood Christian are both 501(c)(3) non-profit organizations and are bound first and foremost by the rules and regulations governing this status. As a 501(c)(3), APOGEE & Brookwood Christian are not permitted to accept any donations directed to a specific individual. By doing so, we would be putting our non-profit statuses in jeopardy.
Likewise, you would not be able to get a GA tax credit nor a federal tax deduction if you receive a service directly tied to your donation.
That does not mean your child cannot receive a scholarship, and may possibly even receive one in an amount greater than you donated, depending on donations received that year. But this determination is made independently based on eligibility and not based on if and how much a family donates.
- Can I split my gift between 2 or more schools?
Yes. You will need to let APOGEE know and they will split it accordingly. If you have any questions about this you can contact Ms. Kim or Ms. Tammy
- What happens when I submit my application to Apogee?
· Once received, APOGEE will verify your information to ensure everything matches up within the State system.
· APOGEE will submit your application to the DOR on the first business day in the new tax year.
· Within 20 days of submission, the DOR will mail you a letter indicating your pre-approved tax credit amount.
· You will have 60 days from this date to fund your credit through APOGEE.
· APOGEE will mail you a tax credit receipt to acknowledge your successful participation in June of the tax year you funded your tax credit.