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Legacy of Grace Student Tuition Organization
LOG-STO
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WHAT IS IT?
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LOG-STO represents Christian schools from Newton, Oskaloosa, Peoria, Pella and Sully. |
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This organization was created to provide tuition scholarships for qualifying families whose children attend one of the Christian Schools listed above. |
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The Education Opportunities Act was passed by the Iowa Legislature in 2006 to allow Iowa taxpayers to receive an Iowa tax credit equal to 65% of the total amount of cash contributions made to a School Tuition Organization. |
HOW IT WORKS TO DONATE
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Money can be donated to LOG-STO by families from each school, the society, and the community. |
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For the amount of money donated, the taxpayer will receive an Iowa tax credit equal to 65% of the cash contribution to the STO. |
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A tax credit is taken directly off the amount you owe in state taxes. |
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The donated money is then distributed to the qualifying families whose Children attend one of the STO schools. |
EXAMPLE
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PERSON A
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State Income Taxes
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$1,500
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Money donated to LOG STO
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$ 500
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Tax Credit (65% of $500)
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$ 325
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State Income Taxes after tax credit
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$1,175
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LOG-STO would in turn use the $500 to give tuition grants to qualifying families whose children attend Christian Schools from Newton, Oskaloosa, Peoria, Pella, and Sully.
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LOG-STO is only able to offer tax credit on $117,000 by the end of December. |
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Consider this opportunity to get a tax credit, and allow to help students and families that choose Christian education. |
DATES & INFO YOU NEED TO KNOW
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Charitable giving in the fall of 2006 will be on a first come, first serve basis to parents of students currently enrolled in one of the 6 participating schools until October 10, 2006. Maximum individual household donation is $250. |
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From October 11 – November 10, 2006 Donations will be accepted from any individual on a first come, first serve basis. Maximum donation is $500. |
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From November 11 – December 11, 2006 Donations will be accepted from any individual for any amount until the preliminary closing date, December 11, 2006. |
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Any funds received in excess of the cap amount would be offered back to the donor, notifying them that the STO has met it’s cap. That money would be eligible for normal tax deductions, but not for the tax credit. |
QUALIFYING FOR STO FUNDS
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Qualifying children (defined by state requirements) are children of families that earn less than 300% above the poverty line. |
Families must earn less than the amount in the 3rd column
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Household Size
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Poverty Line
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300% of Poverty Line
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2
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$13,200
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$39,600
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3
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$16,600
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$49,800
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4
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$20,000
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$60,000
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5
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$23,400
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$70,200
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6
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$26,800
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$80,400
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7
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$30,200
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$90,600
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8
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$33,600
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$100,800
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On your Federal 1040 Tax Form go to Line 22 to calculate your amount of income to see if you qualify for a tuition scholarship distributed by LOG-STO. |
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Reminder on your Iowa 1040 that Line 49 is a tax credit for tuition & books for each child. This can be up to $250/child. |
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Line 60 on your Iowa 1040 is the amount of tax you owe the state |
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