🎓 St. Basil Scholarship Fund

Federal K-12 Scholarship Tax Credit Calculator (Effective Jan 1, 2027)

ℹ️ About this credit: This is a non-refundable tax credit. It can reduce your tax liability (what you owe), even increasing your refund, but it cannot bring your overall tax liability below zero.

1. Your Tax Situation

Your total federal income tax before any credits. You can see your tax liability from last year on Line 24 of your 1040 tax return. Or use the IRS Tax Estimator to find your "Anticipated tax obligation" →.

From your paystub(s): year-to-date + remaining expected withholding. If you have a salary, take your last paystub's withholding amount, then multiply it by the number of remaining periods in the year.

Helps us tailor withholding recommendations.

2. Your Planned SGO Donation

Maximum credit: $1,700 (Single/HOH/MFS) or $3,400 (MFJ/QW)

3. Withholding Adjustment (Optional)

⚠️ Disclaimer: This calculator is for planning purposes only. Your final credit is subject to enacted IRS regulations and your completed Form 1040.

Important: This credit is non-refundable—it can reduce your tax liability to $0 (what you owe), even increasing your refund significantly, but it cannot refund you money if you've owed $0 in taxes across the year.

Donations must be made before December 31 of the tax year and substantiated with an SGO receipt. Consult a qualified tax professional for personalized advice.