Tax credit for mds scholarships
What is the Program?
The Ohio Association of Independent Schools (OAIS) Scholarship Granting Organization (SGO)
The Ohio Association of Independent Schools SGO is a scholarship granting organization providing Ohio students the crucial funding they need to receive the best education possible. OAIS is committed to the quality education that independent schools provide to students from diverse backgrounds.
What Does it Mean For MDS
For the second consecutive year, Ohio residents can get a dollar-for-dollar credit for donations to certain scholarship organizations like Mansion Day School. By joining this program, you'll receive a 100% tax credit on your Ohio income tax, up to $750 individually or $1,500 for married couples filing jointly.
Supporting Mansion Day School through this program is simple and cost-free to you. It's an opportunity open to all eligible Ohio taxpayers, so feel free to spread the word to your family and friends.
A new feature this year allows couples to make a single $1,500 donation instead of two separate $750 donations.
Frequently Asked Questions
What is Ohio’s Scholarship Tax-Credit Program?
In 2021, Ohio started a program where people can get a full tax credit for giving money to organizations that give scholarships to students. You can get up to $750 back for yourself, or $1,500 if you're married and file taxes together.
Who benefits from this program?
Families who can't fully afford Mansion Day School will benefit. Taxpayers can also lower their Ohio state tax by donating to the Mansion Day School Scholarship fund. This means for every dollar you give, you reduce your Ohio tax by the same amount.
Can I give money for a specific student?
No, you can't give money for just one student. Your donation goes into a general fund that helps all students who need financial aid at Mansion Day School.
Do both spouses need to give separately for the full $1,500 credit?
Yes, each spouse needs to give separately to get up to a $1,500 credit.
Who can donate to the Mansion Day School Scholarship Fund?
Any Ohio taxpayer, whether single or married.
Is this a tax deduction?
No, it's a tax credit. This means you get back what you give, up to $750 per person or $1,500 for a couple, from your Ohio state taxes. This is different from a tax deduction, which just lowers your taxable income.
How do I donate?
You donate through the Ohio Association of Independent Schools (OAIS) website. Choose Mansion Day School, and your money will go to help with school tuition.
How do I get the tax credit?
You'll see the credit when you file your taxes. It could mean you owe less to Ohio, or you might get money back if you've paid your taxes in full.
Is there a minimum or maximum donation?
There's no minimum, but the most you can give is $750 per person or $1,500 for a couple filing together.
For specific advice, talk to your accountant or financial advisor.
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