The ministries of Christian Liberty
502 West Euclid Avenue
Arlington Heights, Illinois 60004
Call us: (800) 348-0899

 

© 2020

Instead of paying all your State Income Tax

Give a scholarship to CLA

Have you heard of the Invest in Kids Act and the private school scholarships that result? 


One of our graduates has shared this helpful information about taking part in this program. To get credit for your taxes that you will file in 2020, you need to give before the end of 2019.
 

This is just a reminder to let people know about the Invest in Kids Act again for this year. We just diverted ALL of our 2019 estimated Illinois state income taxes (and then some) from the state to Christian Liberty Academy! Gov Pritzker wants to end this program, so we should take advantage of it while it still exists. 


Everyone who
A) has taxable income in Illinois,
B) loves Christian education and
C) would rather their tax dollars go to their favorite Christian school than pay for abortions, should participate. 


It's so easy, once you know what to do.  The tax credit we got for last year's donation was applied to our 2018 tax return, and we are getting a full refund of every penny that was withheld for state taxes. Since we over-contributed last year, we also have a carry-over credit that will be applied to our 2019 tax return. 

 

Tax-wise, this is the most efficient method for us to make a donation.  Every $1,000 contributed yields a $750 tax credit off our total Illinois tax liability, meaning the net cost to us is only $250.  The school receives $950 of the $1,000 contributed (5% goes to the Scholarship Granting Organization for administrative expenses), so a $250 net out-of-pocket cost is multiplied by 380% to benefit the school! ($950 / $250 = 3.8).  The maximum contribution is $1 Million per taxpayer per year, so donate as much as you want!  For maximum effectiveness, donate at least 4/3 times your expected Illinois tax liability in order to get a full refund.

 

Step 1

If you haven't already done so, sign up now for a MyTax Illinois account. 
https://mytax.illinois.gov/


Step 2
Wait for a letter from the Illinois Department of Revenue to arrive in the mail. This may take several weeks. Use the Letter ID in the letter to complete the MyTax Illinois account application process.  


Step 3

Apply for a Contribution Authorization at Invest in Kids https://www2.illinois.gov/rev/programs/InvestInKids/Pages/default.aspx

 

    3a  IMPORTANT: Choose "Region 1 - Cook County". 

 

    3b  Choose "Children's Tuition Fund of Illinois" as your SGO.

 

    3c  Pledge an amount that is 4/3 greater than the amount of your expected tax liability, if you want to divert all of your Illinois taxes to CLA.  You may also over-contribute and carry the balance of the credit for the following year(s).

 

Step 4

Wait for IL Dept of Revenue to issue a Contribution Authorization Certificate (for quicker service, login to MyTax Illinois, and under the Correspondence tab, click View Letters on the far right to see your Certificate)

 

Step 5

Go to Children's Tuition Fund donation page, and make a donation to Christian Liberty Academy, Arlington Heights.

https://acsi.formstack.com/forms/ctf_donation_form

 

Step 6

Wait for the receipt, save it for tax time, and get the Illinois tax credit to save money on this year's taxes!

 

IMPORTANT NOTE: I am NOT an accountant, nor a tax advisor or attorney, so I am not giving tax advice. I am only writing from personal experience. Please consult your own tax adviser. 

 

Thanks for your time in reading this. It SEEMS like a lot to do, but it's not too difficult and it really is worth the time and effort to do it. 

 

Mark