Monsignor Lafferty Tuition Foundation

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Due to the IRS ruling on the State & Local Tax (SALT) Cap Workarounds, the Msgr. Lafferty Tuition Foundation (MLTF) & School Tuition Organization (STO) tax credits are going faster than ever!

As of July 31, 2019, over 33% of the tax credits were "devoured" (purchased).  

Do not let others "scarf down" the tax credits in 2019! 

Consult your professional advisor first!  

Then, call Lisa Niebuhr at 712-541-5226 or 712-546-4181 ext. 237; or Maggie Erdmann at 712-546-4181 ext. 249. 

The tax credits are expected to be gone by late August in 2019.  

Illustration of Tax Benefits - Donation of 25% Tax Bracket*

Any individual, farmer, &/or corporate in the 25% tax bracket who donates $1,000 to MLTF via cash, credit card, commodities, stocks, &/or IRA rollovers can save $900 in tax credits (under SALT cap of $10,000-see attached document from the Iowa Alliance for Choice in Education).

With MLTF                                               Without MLTF

$1,000 Donation                                        $1,000 Donation
$250 may be saved on federal taxes           $250 may be saved on federal taxes  
$650 (65%) state tax credit                         $  50 (5%) state tax credit
$900 = Net Tax Savings                             $300 = Net Tax Savings     

* Represents tax theory prior.  Consult your professional advisor first.  
$100 = Donor cost per $1,000 contribution

Ways You Can Give*:
      - Cash                                                  - Debit & credit cards
      - Grain - minimum of $1,000              - Payment of state quarterly taxes
      - "S" & "C" corporations -               - Stocks & mutual funds
         including partnerships & LLC's           minimum of $1,000 in value
      - IRA Rollovers                               
                                *Available on a first come-first serve basis.

You Can Benefit:
 - By using tax credits this year &/or the next 5 years.
 - Regardless of your religious, school, &/or community affiliation.
 - As long as you have Iowa state tax credit liability.

What is MLTF?

  • In 2006, the Educational Opportunities Act began allowing Iowa tax payers to make a gift to a School Tuition Organization (STO).  Iowa tax payers (prior to August 27, 2018), received an Iowa tax credit equal to 65% of the total amount of their gift to MLTF.
  • The total donation may also qualify as charitable deduction for federal income tax purposes. 
  • The MLTF awards tuition scholarships to students of qualifying families that attend Catholic schools in the Diocese of Sioux City. 
  • Anyone can receive this tax credit, Catholics & non-Catholics.  Don’t let this opportunity pass you by.

 

DISCLAIMER: The information contained in this discussion is intended to be of general nature only.  You should not act on this information without consulting a qualified professional to determine how it may apply to your unique business & personal situation.

MLTF Gift Form

Give Online

2018 MLTF Annual Report.pdf


“Do-Nut” Miss Out On

Serving Our Military Families!

 

Pay less in taxes to help our military families!  Please donate to Msgr. Lafferty Tuition Fdn. today!

“Prior to joining the military, my family moved to Le Mars several years ago when I was going through a divorce. 

My biggest struggle, as a single mom of 4 children, was finances

I enrolled my children at the public school because I didn’t think I could afford Gehlen Catholic School. 

“A coworker told me about the Msgr. Lafferty Tuition Foundation (MLTF). 

“ I called Gehlen Catholic.  The school has worked unselfishly with our family. 

“The Development staff helped me with MLTF.

The faculty & staff has taken the time to get to know every family & go the extra mile to help every family, like ours, overcome any struggles. 

I am so proud of my children’s academic & co-curricular successes!  I beam with joy as my children celebrate the Sacraments!

“Everything has worked perfectly! 

“I am now remarried & have a 5th child!  Our youngest has a condition which could kill her if not treated properly.  I have kidney disease & will need a transplant in the future. 

My husband & I thought we would have to transfer the kids to another school this fall with all 5 children in school.  Our income can’t keep up with the tuition increases.  MLTF has helped.  We ask the legislators & Governor for their support in increasing MLTF & the School Tuition Organization (STO) Act.  

"Nationally, EdChoice reported 750,000 school-aged children live in active-duty householdsThe Military Times reported 35% of respondents’ dissatisfaction with their child's education & is a ‘significant factor’ in leaving or staying in the military.   

Please continue to help our military preschool-12th grade family & others through MLTF!  We promise to remain steadfast in our loyalty & service to our country & school!”

 


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