Guest Blogger: Thomas David Snyder (former board member)
Want to help young people coming to adulthood from the world of foster care? Want to pay ZERO Georgia state income tax? Both are possible!
The State Legislature and Governor’s Office realized the issue of turning 18 in foster care or group homes instantly being an adult was a burden to both the individual and the state. They instituted this tax credit to support qualified organizations that have programs to bridge this transition.
As a former BOD member at the UM Children’s Home (now Wellroot Family Services), I became passionate about those programs that helped to transition young people with little or no family support into the adult world. Imagine not knowing how to open a checking account, shop for groceries, or make a doctor’s appointment because you had no family to teach or model that for you. That is the reality for nearly 700 youths in GA each year.
Please hear me when I say I give to help the need and not for the benefit to me. But if they want to incentivize this, there must be a clear need. Here is the simple way to earn a State Tax Credit that is subtracted from your total state tax owed and be a Neighbor to youth of our state. Yes, you compute the total tax owed to GA and then subtract the amount of your donation from that. I ask you to go to https://wellroot.org/fostering-success-tax-credit/ and read about this. There is, of course, some paperwork, but Wellroot will file it for you and hold your hand through the process. Seniors can use a QCD to meet RMD and not pay federal tax on that! Talk to your tax advisor if those acronyms don’t make sense. Call me with any questions.
