MLTF Tax Credits

The win-win
September 18, 2016
MLTF is a “win-win”
Our families benefit
 82 percent of our applicants given assistance this fall
 300X poverty level
 $205,751 received – 4 year average
 We received an extra $73,442 due to our need = 152%
 [Also received $7,050 from BEF (DAA funded) for 23
students]
How does it work?
$1,000 Donation
$10,000 Donation
$250 may be saved on federal taxes*
$2,500 may be saved on federal taxes
$650 (65%) State Tax Credit
$6,500 (65%) State Tax Credit
$900 = Net Tax Savings
$9,000 = Net Tax Savings
$100 = Donor Cost per $1,000
contribution
$1,000 = Donor cost per $10,000
contribution
Who can give?
 Anyone with an Iowa tax




liability
C-corporations
S-Corporations
LLC’s and partnerships
Anyone who may owe on
their State of Iowa income
taxes – even if you don’t
itemize your taxes!
How can I give?
 Give on-line at
scdiocese.org
 Forms at
Stormlakecatholic.com
 Stop in parish office
 Take home a form
 Forms were mailed this
summer
Cash
IRA Rollover
 For those 70 ½ years of age
 Do not have to claim as
income
 “Roll over” to a qualified
charity
 Contact your IRA custodian
Grain gifts
 Contact the parish office first
and let us know
 Complete a Transfer of
Ownership form
 MLTF assumes ownership of
the grain and sells it
 Donor receives tax credit
equal to 65% of the value of
the grain the date of the
donation (not date of sale)
Stock gifts
 Contact the parish office first
 Your stock will be transferred
to the MLTF ownership and
sold
 The donor will receive 65%
tax credit equal to the value
on the date the stock was
gifted, not the date of sale.
 The donor does not recognize
the gain from the sale of the
stock for income tax purposes
Credit certificate January 2017
Tax forms
Deadlines to keep in mind
 December 1, 2016 – Other schools can take our
credits if any remain
 December 15, 2016 – deadline for grain and securities
donations
 If credits are gone before December 1 – they are gone.
We may be able to point you to other Catholic dioceses
or other STOs in the state