Rob Sellers | August 12, 2020 https://oklahoman.com/article/5668879/point-of-view-private-schools-provide-stability-for-oklahoma-students-parentsThe COVID-19 pandemic has been changing our way of…
The info below is how individuals and families filing jointly should claim the tax credits and deductions for donations made to the Opportunity Scholarship Fund. Businesses should consult their tax preparers.
STATE TAX CREDIT: The Tax Commission has been provided your donation information and is expecting you to claim the credits. Make sure that you have your receipt letter from the Opportunity Scholarship Fund in case the Oklahoma Tax Commission asks for it after you file. The amount of the credit will be HALF of the donation amount. Tax filers should enter that amount on Line 39 of Oklahoma 2014 Form 511CR. Then total all credits from the form at Line 41. Transfer the number from Line 41 of Form 511CR to Line 17 of the Oklahoma Resident Income Tax Return (2014 Form 511).
FEDERAL CHARITABLE DONATION TAX DEDUCTION: Include to TOTAL amount of your donation to the Opportunity Scholarship Fund on Line 16 of Schedule A (Itemized Deductions) to Form 1040.
STATE CHARITABLE DONATION TAX DEDUCTION: When the deduction is properly recorded on the federal return, it will automatically carry over to the state return.