Buckeye Scholarship Fund
The Toledo Christian Foundation has an exciting announcement!
Redirect some of your State of Ohio income tax dollars to Toledo Christian!
Rather than pay the State of Ohio all the income tax money they are due each year, the State now allows Ohio residents to give some of that tax money earmarked for the State, directly to Toledo Christian’s Buckeye Scholarship Fund benefiting Toledo Christian students.
That’s right! You can redirect some of your State of Ohio income tax money to TC’s Buckeye Scholarship Fund and the State of Ohio is good with it!
How it Works
As a State of Ohio taxpayer, you can claim a tax credit up to $750 as a single or $1,500 married, filing jointly. Any amount you donate up to these limits to The Toledo Christian Buckeye Scholarship Fund can be subtracted from the amount you pay the State of Ohio.
Sounds too Good to be True, Right?
We agree … it is almost too good to be true! But the State of Ohio passed this opportunity into law to raise scholarship funds for private schools and we are really excited about how it will bless the kingdom.
- Toledo Christian Foundation was approved as an SGO on November 15, 2022.
- An SGO is a Scholarship Granting Organization (SGO) which is a non-profit 501(c)(3) organization that receives contributions from donors and grants educational scholarships to eligible students in Ohio.
How much should I donate?
Most people pay about the same amount in taxes each year, so you should look at last year’s taxes to determine the amount of your donation. Find the most recent tax return you filed with the State of Ohio (Form: Ohio IT 1040). Locate line 13 on your Ohio IT 1040 form. This was your net tax liability previously.
Important: We recommend that your donation NOT exceed your net tax liability if it is less than $750 or $1,500.
Ready to Make Your Donation?
You can donate up to $750 for a single or $1,500 if filing jointly. If you are filing jointly, make sure we have both of your names for the receipt.
Toledo Christian Foundation will mail you a receipt if you pay by check. If you pay online, you can print or save the receipt. Receipts need to be submitted with your tax filing.
When Should I Donate?
You can only claim one tax credit
per year, options include:
- Best and easiest timing for your 2023 taxes: donate anytime in 2023. Same with future years.
- Detailed timing for your 2023 taxes: donate anytime in 2023 or in 2024 up to day you file you 2023 tax return.
Mailing a Check?
- Make out the check to Toledo Christian Schools Foundation with Buckeye Scholarship Fund or BSF in the memo line and the tax year you will take the tax credit.
- Mail your check to Toledo Christian Foundation,
2303 Brookford Drive
Toledo, OH 43614
You Can Donate Each Year
As of now, the State of Ohio has no plans to discontinue this tax credit program, so please plan to donate annually.
Your donation to TC’s Buckeye Scholarship Fund will help reduce educational costs for a lot of students at Toledo Christian.
Thanks for your donation and of course, if you have questions, please give us a call.
Toledo Christian Foundation
I file my own taxes manually or electronically
We suggest you:
- Complete your taxes as directed.
- On line 9, enter the amount of your donation to TC’s Buckeye Scholarship Fund. You must also complete the Ohio Schedule of Credits and include the amount on line 15.
- Complete the form and include a copy of your donation receipt when you file your taxes.
Someone else prepares my taxes for me
We suggest you simply tell your tax preparer that you have included a copy of the TC’s Buckeye Scholarship Fund receipt so you can claim the tax credit offered by the State of Ohio.
What is Ohio’s SGO Scholarship Tax-Credit Program?
In 2021, the Ohio General assembly established a new program whereby Ohioans can receive a 100% tax credit against their Ohio income tax liability for cash contributions to certified organizations that grant scholarships to students, including those attending Christian schools in Ohio. The maximum tax credit is currently $750 per person ($1,500 if married filing jointly where each individual donates $750).
What is the name of Toledo Christian’s new GSO Scholarship?
Toledo Christian Buckeye Scholarship Fund
Who can benefit from the Buckeye Scholarship Fund?
The Buckeye Scholarship Fund will provide support for families with students in grades K-12. The scholarship can be used for both tuition and fees. All TC families can apply including families on Ed Choice. Ed Choice families can use this award to bridge the gap between Ed Choice checks, school tuition, and school fees.
May I designate my payment to a specific student?
Unfortunately, your donation cannot be directed in any way, or you would not receive the tax credit.
Is the amount I claim a tax deduction?
No, it’s a tax credit which is better than a deduction. A tax deduction reduces your taxable income. A tax credit is a dollar-for-dollar credit that is subtracted from the taxes you pay to the State of Ohio. You can donate up to $750 per person ($1,500 if married and filing jointly) and deduct that amount from the total you owe the State of Ohio.
You are essentially giving to the Toledo Christian Buckeye Scholarship Fund rather than the whole amount to the State of Ohio.
Please be aware that any amount you claim as an Ohio tax credit is not eligible to be taken as a charitable contribution deduction on your federal tax return.