Tax Credit Scholarship
Do you wish to direct your Illinois State Tax dollars toward scholarships for children in need to attend private schools? You can even designate St. Mary of the Angels School as the preferred school for those scholarships.
For every $1,000 you donate to a scholarship granting organization (SGO) you are eligible for $750 tax credit (money you get back from the State of Illinois). If you designate St. Mary of the Angels School, then all of your $1,000 donated will go to support eligible students from families in need to pay their tuition bill.
Step 0: Calculate the maximum eligible donation.
0a. Go to your tax return from 2017 and see how much taxes you’ll likely pay for 2018 (alternatively, look at your pay stub and see how much taxes are being taken out from your pay check, then multiply by the number of pay checks you’ll receive in 2018).
For example: if you paid $3,000 in taxes in 2017, you’ll likely pay the same or more in 2018.
0b. Multiply your 2018 tax liability by 1.33.
Example (continued): if your 2018 tax liability is $3,000, then 1.33 x $3,000 = $4,000.
Alternatively: if you get paid every two weeks and $115.38 is taken out of your pay check for Illinois State Taxes, then $115.38 x 26 pay periods x 1.33 = $4,000.
0c. This is the amount you are eligible to take full benefit of the Invest in Our Children Act.
Example (continued): if you choose to donate $4,000 and designate St. Mary of the Angels School, all $4,000 dollars will come to our school and you will get a $3,000 tax credit (that is the amount taken off your tax bill, in other words, you’ll be refunded $3,000 when you file you Illinois State Tax Return).