The Georgia Department of Revenue (DOR) allocates a limited amount of the available tax credits specifically for each taxpayer. The available tax credits are limited. So a taxpayer must submit a pledge to the GA Dept. of Revenue for approval.

You can find the details regarding QEE tax credit legislation in the Georgia Code Title 48 Chapter 7-29.16. You can find details of the qualified Student Scholarship Organization in the Georgia Code Title 20 Chapter 2A.

What is the maximum amount I can donate to Classo?

The maximum and minimum amount you can donate to Classo are based on Tax filing status:

• Up to $2500 for single individuals.
• Up to $2500 for married couples filing separately. 
• Up to $5000 for married couples filing jointly to 70% of Georgia income tax liability for businesses.
• Up to $25000 for members of limited liability corporations (LLCs), shareholders in Subchapter ‘S’ corporations, and partners in partnerships.

Yes, a tax credit is indeed different from a deduction. A credit cuts down the amount of Georgia taxes you owe. On the other hand, a deduction lowers the income on which your taxes are calculated.

First, complete the Classo tax credit form by December 31st. The classroom will submit your information. You will receive an approval notice within 30 days. After this, you will receive an approval notice from the Georgia Department of Revenue. Once you have the approval, donate the amount within 60 days.

Yes, indeed it has a deadline. You must pledge to donate by December 31st.

You will get an approval letter once the pledge submission is approved. Classo sends an email notification to you mentioning the approved donation amount, letter ID, and Certificate number.

You are supposed to donate the amount within 60 days from the date of the approved letter/email from Classo.

Checks, PayPal, PayPal Credit, and credit cards. These are some of the options you have for donating to Classo.

Yes, you can allocate the donation to be divided among various schools.

• Students must be residents of Georgia.
• Must be of age 4 by September 1st.
• Students of Pre-K, Kindergarten, or first grade are automatically eligible for scholarships.
• Students attending a public school or being homeschooled are automatically eligible for scholarships.
• Students who have received a scholarship through a particular program are automatically eligible for the program.
• Students who have never been to a public school before or entering the second grade or any higher grade level, must enroll in a Georgia public school and attend it for at least six weeks before they apply for the scholarship.

It is an easy process. Just click below to complete the scholarship application form to complete the process.

No, the scholarship cannot be considered as taxable income.

Yes, there are specific tax filing requirements you must meet to qualify for the credit. You can only receive the credit if you submit your tax return electronically.

In that case, you might reduce a portion of each quarterly estimated income tax payment if you donate for a tax credit within the same year.

Your Georgia income tax liability is calculated by multiplying your Adjusted Gross Income (AGI) by a rate of 5.75%.

You won’t lose the extra donated money. The tax credit is classified as "non-refundable," So it implies that you can't get a refund greater than your Georgia tax liability. However, any extra credit beyond your tax liability can be saved and used in the following 5 years for individuals, married couples filing jointly, and those filing separately.