Individual Donors

Maximums for 2017 tax year:

Filing status

“Original” Tax Credit

PLUS Tax Credit

Total

Married filing Jointly

$1,092

$1,085

$2,177

Single and Married Filing Separately

$546

$543

1,089

Tax Forms to use

Form(s) 323/301

Form(s) 348/301

Form(s) 323/348/301

 

Maximums for 2016 tax year:

Filing status

“Original” Tax Credit

PLUS Tax Credit

Total

Married filing Jointly

$1,090

$1,083

$2,173

Single and Married Filing Separately

$545

$542

1,087

Tax Forms to use

Form(s) 323/301

Form(s) 348/301

Form(s) 323/348/301

*Form 323 (the “Original” Individual Tax Credit) and Form 348 (the “Switcher” Individual Tax credit) are available from the Arizona department of Revenue.

More about how it works:

Q: Can my contribution to JETCO be designated for a specific child or school?
A: No, all contributions go into one fund. Later, the monies are distributed to students in need of education tuition support in Southern Arizona.

Q: How much of my contribution goes for scholarships?
A: At least 90% of all contributions collected each year go toward scholarships for students in financial need.

Q: What is the maximum amount I can contribute for Tax Year 2017?
A: $2,177 is the maximum tax credit for married couples filing jointly. $1,089 is the maximum tax credit for single, head of household and married filing separate filers.

Q: May we contribute less than the maximum amount?
A: Yes, lesser contributions are always welcome. Participants have many options to facilitate their contribution: monthly or annually, in person or online, or sending a check in the mail to JETCO.

Q: What if I contribute more than my tax liability?
A: The portion of your tax credit that exceeds your tax liability can be carried forward up to five (5) years.

Q: Do I have to have children enrolled in one of the beneficiary schools?
A: No. Any Arizona state taxpayer can make a contribution to JETCO for a tax credit.

Q: Where can I find more information about Arizona’s Private School Tax Credit?
A: You can learn more about Arizona’s Private School Tax Credit (ARS 43-1089) by visiting the Arizona Department of Revenue’s website at www.revenue.state.az.us.

Q: Is my contribution also eligible for a federal income tax deduction?
A: JETCO is a 501(c) 3 charitable organization, EIN 86-0953552. Please consult your tax adviser to find out how this deduction may apply to you.

Q: Can I also make contributions and receive other Arizona tax credits as well?
A: You can also receive additional tax credits for contributions made to a Public School and for the Working Poor Tax Credit. Two other agencies in the Tucson Jewish community that benefit from tax credits are Handmaker Jewish Services for the Aging and Jewish Family and Children Service of Southern Arizona.

Q: What is a matching gift?
A: Certain companies will match the contribution that their employees make to then double the amount of funds available for scholarships. Please ask your employer if they have a matching gifts program. The program will provide you with the proper forms and instructions.

Please contact us if you have additional questions.

The information provided is not intended to be tax advice; please consult your tax advisor.