When you make a donation to Lawrence School—no matter how big or small—you change lives. But did you know, thanks to a state law passed in 2021, you are eligible to receive a tax credit for these donations?
Lawrence is a member of the Ohio Association of Independent Schools (OAIS), which has created a Scholarship Granting Organization (SGO). Ohio taxpayers who donate to SGOs can claim a dollar-for-dollar tax credit on their state income tax return for up to $750 (up to $1,500 if married and filing jointly). As long as your Ohio state tax is equal to or greater than your gift amount, your donation costs you nothing.
What is an SGO?
A Scholarship Granting Organization (SGO) is a non-profit 501(c)(3) organization that receives contributions from donors and grants educational scholarships to eligible students in Ohio.
How does the tax credit work?
You will claim this credit when you file your state income tax return. If your total tax liability exceeds $750 (single) or $1,500 (married), then you are eligible to contribute and receive the maximum credit. If, however, your tax liability is less than $750 (single) or $1,500 (married), then the tax credit is limited to the amount of tax you owe. Credits are applied to your tax liability in the order they appear on the Ohio Schedule of Credits.
Who benefits?
Lawrence students who receive need-based financial aid.
What is the difference between a tax credit and a tax deduction?
A tax deduction reduces your taxable income. It does not provide a dollar-for-dollar benefit. A tax credit directly reduces the amount you owe in taxes. In the SGO program, each dollar you donate reduces what you owe in taxes (up to $750 for an individual and $1,500 for a couple filing jointly).
Step 1: Visit https://oais.gosgo.co/donations/new
Step 2: Fill out the form and designate Lawrence as your school of choice. (If married filing jointly, one person may fill out the form and donate up to $1,500.)
Step 3: Claim your tax credit on your Ohio 2023 tax return. An SGO tax credit receipt will be emailed to you.
If you have questions about this tax credit, please consult with your tax advisor or preparer.
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