How much can I contribute as an individual taxpayer?

The amount you can contribute depends on the amount of Georgia taxes you pay and on your filing status. An individual taxpayer is allowed a credit for qualified education expenses as follows:

  1. In the case of a single individual or a head of household, the actual amount expended or $2,000.00 per tax year, whichever is less; or
  2. In the case of a married couple filing a joint return, the actual amount expended or $5000.00 per tax year, whichever is less; or
  3. In the case of a married couple filing a separate return, the actual amount expended or $2500.00 per tax year, whichever is less.

For an individual taxpayer the credit is further limited and may not exceed the taxpayer’s income tax liability. The amount of the credit that exceeds the taxpayer’s income tax liability can be used against the next succeeding five years’ tax liability.