Invest in Kids Scholarship Tax Program
The State of Illinois legislature passed the Invest in Kids Act (35 ILCS 40/1), which creates scholarship opportunities for families with limited financial resources to attend private schools, such as ours.
DONATIONS TOWARDS SCHOLARSHIPS TO STUDENTS IN NEED ARE ELIGIBLE FOR A 75% STATE TAX CREDIT!
Imagine this: You make a $400 donation, $400 goes to the kids and you get back $300! That's what we call return on investment! Your $100 contribution becomes $400 towards the education and a bright future for a student in need.
LAST YEAR WE AWARDED OVER 154 FULL SCHOLARSHIPS thanks to this program.
Please partner with us to help out students in need.
Read the Illinois Dept of Revenue informational bulletin
To find out more information, please contact Rabbi Moshe Wolf at 847-675-6777 ext. 223 or email [email protected]
*Instructions for claiming your 2022 tax credit:
Please share the following information with your accountant or tax preparer:
To file your 2022 Invest in Kids Tax Credit, you will need to submit IL Schedule 1299-C and enter the information in Lines 21-41 as follows:
Column A - Years Left to Carry = 5.
Column B - Credit Code = 5660 Invest in Kids.
Column C – IL Tax Year Credit Earned = 2022
Column D - Identifying Number = enter the Certificate No. from your Invest in Kids Certificate of Receipt.
Column E - Credit Earned or Carried = Enter your tax credit amount. This number equals to 75% of your donation to Empower Illinois.
Column G - Total Credit = Enter credit amount again.
Column I - Credit Applied = Enter the total credit you'll be applying to the 2022 tax year.
Column J - Credit Carried Forward = Enter credit amount you'll be carrying over into 2023 or beyond.
Please note: If you made more than one contribution, you will need to fill a separate line for each contribution with its Certificate of Receipt.
You can find your Certificate of Receipt by logging into your MyTax Illinois account> click "More" > click "View Letters" in the Unread Letters column > "Invest in Kids Cert of Receipt".