Donating and receiving the Qualified Education Donation Tax Credit is a five-step process. We know it looks complicated, but nothing this great comes easily. We promise, the process is easier than it looks. These steps include:
Set Up an Account: Set up an income tax account on the Department of Revenue’s Georgia Tax Center. If you already have a Tax Center account, begin at Step 2.
Request Pre-Approval (this is NOT your donation):
Request pre-approval to receive the tax credit by electronically submitting Form IT-QED-TP1 through the Georgia Tax Center. This step-by-step guide outlines how to request pre-approval.
Within 30 days from the date Form IT-QED-TP1 is received, the Department of Revenue will notify each taxpayer and the Innovation Fund Foundation via mail of the pre-approved contribution amount. NOTE: The tax credit is granted on a first come, first served basis based on the date the Department of Revenue receives Form IT-QED-TP1. Taxpayers should not make a donation prior to receiving pre-approval confirmation from the Department of Revenue.
Mail Donation to the Innovation Fund Foundation: Within 60 days from the date of receiving pre-approval, the taxpayer can mail a check for up to the pre-approved amount to the Innovation Fund Foundation. Any donated amount exceeding the pre-approved amount will be considered a tax-deductible gift (rather than the full tax credit). If taxpayers donate less than their pre-approved amount, those credits do not become available to other taxpayers. Therefore, taxpayers should only request pre-approval for credits they intend to use.
Please mail your contribution and a copy of your pre-approval letter directly to the Innovation Fund Foundation accounting at the below address:
Innovation Fund Foundation
Qualified Education Donation Tax Credit
c/o Qbix Accounting Solutions, Inc.
500A Northside Crossing
Macon, GA 31210
Receive Form IT-QED-FUND1: Within 15 days of receiving your donation, the Innovation Fund Foundation will provide you a letter of confirmation (Form IT-QED-FUND1).
Claim Your Tax Credit: Complete and submit Form IT-QED-TP2 with your Georgia tax return to claim the tax credit.
Department of Revenue information about the QED