New Tax Benefit Available to Catholic School Parents
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Good afternoon!
In today’s Post-Dispatch, St. Margaret of Scotland Grade School and Sr. Nathalie Meyer, Interim Director of the Catholic Education Office, are featured in a great piece discussing the new Missouri tax deductions for private school tuition.
“School boards, teacher associations, parent associations, we’ll use every vehicle we have,” said Sister Nathalie Meyer, interim director of Catholic education for the Archdiocese of St. Louis, which is the largest private school system in the St. Louis area. “Anything that gives our parents some options so that they can consider Catholic schools is wonderful.”
I invite you to read the full article here. Below are several links that provide additional information on this topic.
Happy Feast of the Baptism of the Lord!
Fr. Joe Wormek, Pastor
Missouri Catholic Conference - New Tax Benefit for Catholic School Parents
Letter from Missouri State Treasurer - MOST 529 Tuition Savings Program
Missouri Catholic Conference
w ww.mocatholic.org
573-635-7239"As you may know, just before Christmas break Congress passed revisions to the federal tax code. These revisions will allow Catholic K-12 school parents to set up tax-deductible savings accounts to pay for their children's school tuition. Money a parent deposits in one of these savings accounts is tax-deductible. For example, if a parent deposits $5,000 in an account, their taxable income is reduced by $5,000. Reducing taxable income reduces the parent's tax liability. In the $5,000 example, a taxpayer could potentially pay $300 less in taxes, though other factors come into play in preparing one's taxes.Attached find a Missouri Catholic Conference Association flyer entitled "New Tax Benefit for Catholic School Parents." In very brief form, it explains how parents can set up a tax-deductible Missouri 529 MOST account, thereby reducing the taxes they pay. Two links are provided in the flyer so that families can determine what their tax benefit will be and then set up a 529 MOST account.
Parents and others may also be interested in the attached letter from State Treasurer Eric Schmitt promoting the MOST accounts.
Mike Hoey, Executive Director
Missouri Catholic Conference
