THE CAP IN FUNDS RAN OUT ON MAY 9, 2013. TO CONTRIBUTE FOR 2014, PLEASE CONTACT ALLISON FELDMAN AT afeldman@jfga.org
NEW!! Partners in s-corps, LLC’s or partnerships can receive a tax credit for up to $10,000! Ask me for 2014 forms.
Effective, January 1, 2013 a Member of an LLC, a Partner in Partnership, or a Shareholder in an S Corporation can each contribute up to $10,000 to the ALEF Fund. Taxpayers who own an interest in more than one entity can aggregate that income in determining their contribution level. If you have already contributed to ALEF Fund for 2013, you must deduct that amount, for a total of no more than $10,000.
If both spouses earn income from flow thru entities, then both can contribute up the $10,000 limit.
Your share of income on your K-1’s can be offset up to 6%, which is the State of Georgia tax rate. Your filing status does not impact this calculation.
| K-1 Income | Alef Fund Limit |
| $100,000 | $6,000 |
| $150,000 | $9,000 |
| $166,667 or more | $10,000 |
The computation and contribution is made at the individual level.
If you are subject to Alternative Minimum Tax, you could save 29% of your contribution amount. If you have any questions, please contact your tax advisor or you may contact Mitchell Kopelman, CPA, ALEF Fund Treasurer, at Habif, Arogeti and Wynne, LLP at Mitchell.kopelman@hawcpa.com.
Just like the current $2,500 limit for individuals, this contribution is treated as a Charitable Donation for purposes of Federal Itemized Deductions, but not for State purposes. The amount is then treated as a State tax credit against your State of Georgia income tax.
Click here to download your form.
Click here to read more about the changes.
The ALEF Fund is ensuring Jewish continuity and changing lives by providing scholarships to students who wish to attend Jewish pre-K, day schools or high schools. Receive a “dollar-for-dollar” state tax credit for contributions to the ALEF Fund and help send a student to participating schools at virtually no cost to you.
ALEF Fund obligates 90% of annual contributions directly to student scholarships, as required by the state of Georgia.
Download the Donor Designation Form
You can contribute:
- Up to $1000 as a Single Individual
- Up to $1,250 for each individual if a married couple files singly
- Up to $2,500 for a married couple filing a joint return
- Up to 75% of state tax liability for a C-Corporation or Trust
- CLICK HERE TO MAKE YOUR CONTRIBUTION