Mount Saint Vincent donors who file Colorado state taxes may be eligible for a 50% state income tax credit. This credit is in addition to standard state and federal income tax deductions. The Colorado Child Care Contribution Credit (CCCC) promotes childcare activities statewide, and our residential treatment program qualifies for the CCCC. Individual and corporate donors may benefit. Any taxpayer who makes a cash contribution to Mount Saint Vincent may claim an income tax credit of 50% of the total contribution. Please click here for the most up-to-date information from the Colorado Department of Revenue.
The table below illustrates how various tax credits and deductions may reduce the annual after-tax cost of your donation.
|Child Care Tax Credit||($5,000)||($3,250)||($1,750)||($500)|
|Federal Tax Savings||($1,497)||($973)||($524)||($150)|
|Colorado Tax Savings||($463)||($299)||($161)||($46)|
|Returned to you at tax time||($6,960)||($4,522)||($2,435)||($696)|
|After-tax cost of giving||$3,040||$1,978||$1,065||$304|
Figures in the table above are based on a 33% tax bracket. This information should not be construed as tax advice.
Please consult your tax advisor, as your situation may vary.
• Donors may not receive any goods or services in return for their contribution.
• No in-kind contributions qualify for the credit.
• Contributions may be made through December 31, 2019.
• The credit shall not exceed $100,000 per year.
• The credit allowed shall not exceed the tax liability for the year. Any excess credits may be carried forward for up to five years.
Mount Saint Vincent will provide donors with Form DR 1317, certifying the child care contribution.
Special Tax-free IRA Gifts
Good news! For those aged 70½ or older, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.
Congress recently reinstated a law that allows you to make a tax-free gift from your IRA. This legislation retroactively extends the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to qualified charities such as Mount Saint Vincent free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.
To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA. Transfers need to be made by December 31, 2015, if you want your gift to qualify this year.
Check with your IRA administrator or your tax advisor for more information. If you have additional questions, please feel free to contact us at 303-458-7220.
On behalf of the children, we thank you for your support of Mount Saint Vincent!