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The Oregon Cultural Trust FAQQ: Does the money I donate to the Oregon Cultural Trust (OCT) go to MSB?A: No, the money you donate to the OCT doesn’t go to MSB. It goes to the OCT. Q: If my OCT donation doesn’t go to MSB, why would I do it? A: If your donation to the OCT matches an equal donation to a participating non-profit, like MSB, then your donation to the OCT qualifies for an Oregon Tax Credit (up to a $1000 per individual, $2500 for corporations), in addition to a federal tax deduction. Essentially, your OCT contribution earns you more in tax benefits than it costs you. Q: So if I’ve given to MSB, does that count as a contribution to the OCT? A: No, you need to match your contribution to MSB with an equal amount to the OCT for the maximum benefit. Q: How does this help MSB? A: It increases the tax benefits of your MSB contribution, making it cheaper to you to give to MSB. But it does require two donations (one to MSB and one to OCT) to get them. Q: Can you give me an example? A: Create a fictitious statement in TurboTax with an income of 150,000 all interest, and payment of federal and local estimated taxes to reach a net 0 balance to federal and Oregon. Compare the two options: Option 1: Donate to MSB without OCT Donate: $1000 to MSB Tax Benefit: $250 federal, $90 State. Net out of pocket: $660 Option 2: Donate to MSB and OCT Donate: $1000 to MSB Donate: $1000 to OCT Tax Benefit: $500 federal, $1090 State. Net out of pocket: $410 Q: Can I increase my annual fund donation to take full advantage of this? A: Yes! Click the button or link below. To do your part and contribute to the Annual Giving Fund, simply click the Donate button to donate electronically. Or, send a check to the school indicating Annual Fund Donation on the memo line. Once your donation is made, we will mail you a receipt for tax purposes and an Intel matching form if appropriate. |
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