YOP Tax Credits
How It Works
Eligibility and Guidelines
-Missouri YOP Tax Credits: Open to any individual or business with a Missouri tax liability.
-Make an eligible contribution of $1,000 or more to Kids In The Middle.
-We welcome gifts of stock or cash/monetary donations.
-Donations should not be sourced from a tax-exempt trust or foundation.
-Donate $1,000 or more to Kids In The Middle. The credit amount is equal to 50% of your donation. Credit allows you to save on both your federal and state taxes.
-Tax credits are awarded on a first-come-first-served basis because of limited availability.
-Indicate your desire for tax credits (For check donations: write “YOP” in the memo line; for online donations: add “YOP” in the “additional comments” section; for stock donations: reach out to Stephanie Enger-Moreland prior to transfer).
-Upon request and payment, a tax credit application will be mailed and/or emailed to you.
-Review the YOP Instructions Sheet to view the necessary forms of verification needed for your donation type (ex: credit card, check, stock, etc.). YOP INSTRUCTIONS SHEET
-Return the signed and notarized application to KITM, along with proof of donation, within a year of the contribution. SAMPLE TAX CREDIT APPLICATION
-KITM will submit your application to the Missouri Department of Economic Development for approval. Please allow 4-8 weeks for processing and approval. You will receive your tax credit certificate in the mail and/or email directly from a KITM team member.
This chart illustrates the potential benefits and process of the YOP tax credits for donors.
|Missouri Tax Credit||-5,000||-2,500||-500|
|Missouri Tax Savings||-270||-135||-27|
|Federal Tax Savings||-1,100||-550||-110|
|Total Tax Savings (Federal and Missouri)||-6,370||-3,185||-637|
|Net cost to donor||$3,630||$1,815||$363|
Note: Assumes donor itemizes deductions and is in the 22% marginal Federal income tax bracket and 5.4% Missouri income tax bracket. As with any gift, the amount that is tax-deductible is dependent on each individual’s unique financial circumstances. Consult your tax advisor to determine your exact savings.
Claiming Your Credits
-The tax credit is eligible for the year of the donation plus 5 succeeding years.
-Tax credits awarded cannot be transferred or sold.
-Given the limited availability of tax credits, they are distributed on a first-come, first-served basis.
For more information, please contact Stephanie Enger-Moreland, Chief Development Officer at email@example.com or 314-909-9922 x 1004.