Have you heard about the Invest in Kids Act yet? Since the major tax law changes from the Tax Cuts and Jobs Act in 2017, many families have no longer been able to benefit from charitable contributions as a result of increased standard deductions, eliminating the benefit of itemizing to many families. However, the state of Illinois has extended the opportunity to be charitable AND to benefit from a generous tax credit, which is a dollar-for-dollar reduction in your tax bill. It is non-refundable, so any amounts left after your tax bill reaches $0 will be carried forward to the next year, as long as the program exists. Now, you can benefit from your kindness!

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This percentage represents the amount of tax credit you’ll earn of each donation to Invest in Kids!

Imagine…

That’s a $7,500 credit on your Illinois tax bill for a $10,000 donation to the program.

That’s a $750 credit on your Illinois tax bill for a $1,000 donation to the program.

That’s a $75 credit on your Illinois tax bill for a $100 donation to the program.

Ready to get started on providing those in need with school choice while benefitting from a generous Illinois tax credit?

Steps to earn a tax credit in the Invest in Kids Program

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Create a MyTax Illinois account, if you don’t already have one: https://mytax.illinois.gov/_/
Once logged in, from the Summary screen, click on View More Account Options.
On the left, under Account Options, click on Contribute to Invest in Kids.
Here, navigate through the screens to apply for a certificate, which allows you to participate in the program. You can choose which specific school or region would benefit from your donation. Empower Illinois is the program that I’ve used in the past as a scholarship donor and recipient. Note: It will ask for the amount of the donation you intend to make. You don’t have to make it in the moment; just be sure to complete the donation by 12/31/2023!
Once applied, you’ll await approval of the application and will receive a certificate in your MyTax Illinois account. You must have your certificate number to make a donation for this tax credit. PRINT YOUR CERTIFICATE FOR YOUR RECORDS.
Follow the instructions for the organization of choice to complete your donation by 12/31/2023.
Bring your proof of payment and certificate to me when we prepare your 2023 tax return to ensure we correctly apply this credit.

Questions about the process? I’d be happy to help – please send an inquiry via this form and I’ll be in touch in the next 24 business hours. https://www.lksbusinessandtax.com/contact-us

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