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Do not let others "scarf down" the tax credits in 2021!
Consult your professional advisor first!
Then, call Amy Jungers at 712-546-4181 ext. 237.
Illustration of Tax Benefits - Donation of 24% Tax Bracket*
Any individual, farmer, &/or corporate who donates $1,000 to MLTF via cash, credit card, commodities, stocks, &/or IRA rollovers can save $650 or more in tax credits (under SALT cap of $10,000-see attached document from the Iowa Alliance for Choice in Education).
With MLTF Without MLTF
$1,000 Donation $1,000 Donation
? Possible federal tax savings ? Possible federal tax savings
$650 (75%) state tax credit $ 50 (5%) state tax credit
75% or more tax savings 5% or more tax savings
* Represents tax theory prior. Consult your professional advisor first.
$100 = Donor cost per $1,000 contribution
Ways You Can Give*:
- Cash - Debit & credit cards
- Grain - minimum of $1,000 - Payment of state quarterly taxes
- "S" & "C" corporations - - Stocks & mutual funds
including partnerships & LLC's minimum of $1,000 in value
- IRA Rollovers
*Available on a first come-first serve basis.
You Can Benefit:
- By using tax credits this year &/or the next 5 years.
- Regardless of your religious, school, &/or community affiliation.
- As long as you have Iowa state tax credit liability.
What is MLTF?
- In 2006, the Educational Opportunities Act began allowing Iowa tax payers to make a gift to a School Tuition Organization (STO). Iowa tax payers (prior to August 27, 2018), received an Iowa tax credit equal to 65% of the total amount of their gift to MLTF.
- The total donation may also qualify as charitable deduction for federal income tax purposes.
- The MLTF awards tuition scholarships to students of qualifying families that attend Catholic schools in the Diocese of Sioux City.
- Anyone can receive this tax credit, Catholics & non-Catholics. Don’t let this opportunity pass you by.
DISCLAIMER: The information contained in this discussion is intended to be of general nature only. You should not act on this information without consulting a qualified professional to determine how it may apply to your unique business & personal situation.
“Do-Nut” Miss Out On
Serving Our Military Families!
“Prior to joining the military, my family moved to Le Mars several years ago when I was going through a divorce.
“My biggest struggle, as a single mom of 4 children, was finances.
“I enrolled my children at the public school because I didn’t think I could afford Gehlen Catholic School.
“A coworker told me about the Msgr. Lafferty Tuition Foundation (MLTF).
“ I called Gehlen Catholic. The school has worked unselfishly with our family.
“The Development staff helped me with MLTF.
“The faculty & staff has taken the time to get to know every family & go the extra mile to help every family, like ours, overcome any struggles.
“I am so proud of my children’s academic & co-curricular successes! I beam with joy as my children celebrate the Sacraments!
“Everything has worked perfectly!
“I am now remarried & have a 5th child! Our youngest has a condition which could kill her if not treated properly. I have kidney disease & will need a transplant in the future.
“My husband & I thought we would have to transfer the kids to another school this fall with all 5 children in school. Our income can’t keep up with the tuition increases. MLTF has helped. We ask the legislators & Governor for their support in increasing MLTF & the School Tuition Organization (STO) Act.
"Nationally, EdChoice reported 750,000 school-aged children live in active-duty households. The Military Times reported 35% of respondents’ dissatisfaction with their child's education & is a ‘significant factor’ in leaving or staying in the military.
“Please continue to help our military preschool-12th grade family & others through MLTF! We promise to remain steadfast in our loyalty & service to our country & school!”