IT-QED-TP2: Qualified Education Donation Tax Credit Computation (2024)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form IT-QED-TP2 computes the income tax credit for a qualified education donation. It records the amount spent, the approved amount, and the applicable income or tax liability limitations used to calculate the credit. The completed form is attached to the taxpayer’s incom
Who files this form
Taxpayers claiming the qualified education donation income tax credit complete Form IT-QED-TP2 and attach it to their income tax return. This form is the third step in the credit process.
Complete the section that applies to you:
- Section A: Individuals.
- Section B: Individuals who are LLC members, S corporation shareholders, or partners in a partnership.
- Section C: Corporations, fiduciary taxpayers, and S corporations or partnerships that elect to pay tax at the entity level.
The 2024 form applies to taxable years beginning on or after January 1, 2024.
What you'll need
Have these forms and details available to complete IT-QED-TP2:
- Your taxpayer name, identification number, and tax year ending date.
- The total amount expended and the approved credit amount.
- For Section A, Form IT-QED-TP1 returned by the Department, which shows your pre-approved amount.
- Information about whether you received Form IT-QED-FUND1 from the recipient. The form asks you to confirm receipt.
- For Section B, your Georgia income from selected pass-through entities and the applicable tax rate.
- For Section C, your tax liability.
How to file
Complete the taxpayer information and the applicable section, A, B, or C, to calculate your credit.
Enter the credit allowed on the appropriate income tax form. Attach Form IT-QED-TP2 to your income tax return when you file it.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Not adding back a federal deduction: If you deducted the donation amount from federal income, you must add it back to Georgia income. The form warns that the credit cannot be claimed if you do not.
- Designating the donation for your child's school or program: The form warns that you cannot claim the credit if you designated the amount for a particular school or program your child or children attend.
- Forgetting to attach the form: The form reminds you to enter the credit allowed on the appropriate income tax form and attach IT-QED-TP2.
Questions people ask
What is Form IT-QED-TP2 used for?
It computes the income tax credit for a qualified education donation. It is the third step in the credit process.
How is the Section A credit calculated?
The tentative credit is the smaller of the total amount expended or the pre-approved amount shown on Form IT-QED-TP1 returned by the Department. This calculation is before the income tax liability limitation.
How is the Section B credit calculated?
Multiply Georgia income from your selected pass-through entities by the applicable tax rate. The credit allowed is the smallest of that result, the total amount expended, or the total amount approved.
How is the Section C credit calculated?
Multiply your tax liability by 75%. The credit allowed is the smallest of that result, the total amount expended, or the total amount approved.