How Do I Claim My Credit?
We created this short video to show you how to claim the tax credit from your ACSTO donation. This video walks you through how to read your receipt, which tax forms to fill out, as well as what each section of your tax forms means.
This video focuses on how to file your paper tax returns yourself. If you use a common tax preparation software, it will usually ask you questions about any giving you did during the year, and will account for your tax credit donation automatically.
If you’ve created an account through our Donor Portal, you can print your own receipt right away (or within one business day if you just registered). For donations made through other means, we mail receipts weekly throughout the year (except in December and January), and send comprehensive annual statements by January 31. If you need a receipt for a previous year, call our office at 480.820.0403.
Your receipt will have your donation broken down between the Original and Overflow/PLUS Tax Credits, and tells you which amounts to claim on which tax forms.
If you’re filing paper tax returns, you’ll need a couple short forms in order to claim your tax credits. You’ll need Form 301 (Summary of All AZ Credits) and Form 323 (Original Tax Credit) for sure, while some donors may also need Form 348 (Overflow/PLUS Tax Credit). If you plan on claiming your ACSTO donation as a charitable deduction on your Federal taxes, you’ll also need to complete an AZ Schedule A as well.
NOTE: If you’re claiming a tax credit, you cannot use the short forms 140A or 140EZ, as these forms do not have fields for the tax credits.
|Form 301 (Summary of Tax Credits)
|Form 323 (Original Tax Credit)
|Form 348 (Overflow/PLUS Tax Credit)
|AZ Schedule A (Claiming Federal Deduction)
*Tax forms for 2016 will be available as soon as they are released from the ADOR, typically towards the end of December.
Even if you make a donation between January 1 and April 15, the deadline for charitable donations for Federal deduction purposes is still December 31. This means that you won't be able to claim the deduction until the next tax year. If you plan on itemizing, make sure you don't include your tax credit donation on your Federal Schedule A until you file next year's taxes.
Since everyone’s tax situation is different, we always encourage you to speak with your tax advisor to determine whether your donation is eligible for a Federal deduction in addition to the AZ tax credit.
Other Tax Credits
In addition to the Original and Overflow/PLUS Tax Credits, there are many other different opportunities which you can take advantage of. You can donate to any number of the different tax credits and receive a larger credit against your Arizona income taxes, as long as you have that much liability to claim.
For 2016, a married couple filing jointly can claim upwards to $4,373 in dollar-for-dollar tax credits for donations to qualifying sources. Remember that ACSTO only deals with the individual private school tax credits (Original & Overflow); we cannot accept donations for any other type of tax credit.
If you plan on taking advantage of other tax credit opportunities, we encourage you to speak with your tax advisor to determine how much you can donate and claim a credit for.