TTEF and MOScholars FAQ
1. How does this new program impact TTEF’s mission?Today and Tomorrow2022-05-26T18:49:05+00:00
The addition of the MOScholars program is positioned to increase TTEF’s impact, and is fully aligned with our mission to serve children in need, allowing TTEF to:
- Provide scholarships to more low income students, and students with special needs.
- Expand our scholarship offerings to K-12th grade.
- Increase our commitment to scholars from 9 years to 13 years.
2. What is a tax credit?Today and Tomorrow2022-05-26T18:49:17+00:00
A Tax Credit is an amount of money that can be offset against your tax liability. It is not a tax deduction, but a dollar for dollar credit for your contribution to TTEF.
3. How much are the tax credits?Today and Tomorrow2022-05-26T18:52:22+00:00
The tax credit equals 100% of your donation, but you can only use an amount equal to 50% of your state tax liability for the tax year the credit is claimed. Your contribution must be $500 or more to qualify.
4. Does this mean that I will receive a tax credit for any donation I make to TTEF?Today and Tomorrow2024-05-17T16:45:47+00:00
No. Donors will reserve tax credits through the MOScholars online system, then make a contribution to TTEF.
5. What should I do next?Today and Tomorrow2024-05-17T16:53:20+00:00
- First, speak to your tax advisor to find out your state tax liability for this year, to decide how many tax credits you will reserve.
- Second, visit treasurer.mo.gov/moscholars/ReservationApp to access the State Treasurer’s Office online reservation system.
- Third, select the Today and Tomorrow Educational Foundation from the dropdown menu, and fill out your taxpayer information online.
- Fourth, make your contribution to TTEF within 30 days.
- TTEF will send you your tax credit receipt and acknowledgment within 30 days of your contribution. You will use this receipt when filing your state taxes, to offset the amount you owe to the Missouri Department of Revenue.
- Remember, your tax credit equals 100% of your contribution, and you may use an amount equal to 50% of your state tax liability.
