Claiming The Grace Tax Credit On a State Return Using Turbo Tax
Your contribution to GRACE is referred to as the “qualified education expense credit” in the State tax return instructions.
If you are going back into a return, revisit Taxes and Credits:
On the next screen, make sure to check “Preapproved for education credit”
(Here’s the help screen that pops up when clicking on the word “education”)
INDIVIDUAL DONORS ONLY- Enter the amount of your contribution in the Education Expenses box:
(For LLCs, S, and other pass-through entities, please don’t enter anything, but click continue. You will enter your contribution on the next screen).
INDIVIDUAL DONORS: Make sure you don’t fill in this screen. Simply click continue:
(For LLCs, S, and other pass-through entities, enter Credit Code: 125, Company Name: GRACE Scholars, Owner: Catholic Church, Federal EIN: 263237980, Credit Amount: YOUR DONATION $).
Press Continue and you are done. The contribution is shown on lines 9 and 17 of Form 500.
