Did you know?
You can designate your Arizona taxes to go to a qualified organization instead of the government. Here's how:
Donate up to $1000 for couples and $500 for singles to a Qualifying Foster Care Charitable Organization (QFCO)
When you file your taxes, file AZ Form 352 along with your tax return. Hope & A Future's QFCO Code is 10021
Receive a dollar-for-dollar credit on your Arizona tax return
Our charitable partners
Dinosaur Heart Ministries has joined forces with Seedlings, inc and Hope & A Future to create awareness and bring solutions to children who have been impacted by the foster care system. Through the powerful combination of documentary storytelling and “boots on the ground” services, our prayer is to bring hope to these children and support for their very complex futures.
Seedlings, inc will provide counseling, mentoring, apprenticeship, educational programs, and housing for young adults who have aged out of foster care, often to become homeless.
Hope & A Future serves abused and neglected children in the Arizona foster care system by offering scholarships, mentoring, summer camps and other events. Hope & A Future’s QFCO Code is 10021.
Frequently Asked Questions
What’s the deadline to take advantage of this tax credit?
You can take advantage of the Foster Care tax credit until April 15th following the close of the taxable year.
What if I don’t owe taxes by the end of the year?
The credit reduces your state tax liability independently from any tax that you may have withheld during the year.
If you withheld an amount equal to or greater than your tax liability, the credit will increase your state tax refund. And, you may carry the credit forward for five years.
Which organizations are qualified to collect tax credits?
Qualified organizations are required to meet these standards to collect the foster care tax credit:
- Must be tax exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code
- Must spend at least 50% of its budget on services to foster children in Arizona
- Must provide services to more than 200 foster children every year
Who can take advantage of this tax credit?
The QFCO tax credit is available to Arizona taxpayers, singles up to $500 and married couples up to $1000.
Can I also receive a tax credit on my federal tax return?
Check with your tax professional, this tax credit is specifically for your Arizona state taxes.
Can I take advantage of other tax credits as well?
Absolutely! The state of Arizona has 5 different tax credits available:
- Qualifying Charitable Organizations (QCO)
- Qualifying Foster Care Charitable Organizations (QFCO)
- Public School
- Private School Tuition Organizations
- Military Family Relief Fund
How does the Arizona Foster Care Tax Credit work?
Single and married couples can give up to $500 and $1000 respectively to qualifying 501(c)(3) organizations. Once a donation is made, the payee must file AZ Form 352 along with their tax return to receive the credit. On Form 352 under Part 1, be sure to include ‘Hope & A Future’ as the name of a Qualifying Foster Care Charity as well as their QFCO Code, 10021. Please consult your tax professional for more instructions and advice.
Have more questions? Please reach out to Deb O’Kane at email@example.com