FDA Tax Credits - United Way of Greater St. Louis

Do you pay Missouri state income taxes? Would you like to pay less in state taxes?

United Way of Greater St. Louis has Family Development Account tax credits available to eligible donors for gifts of $5,000 or more. Pay less in taxes while helping people through the United Way of Greater St. Louis Individual Development Account (IDA) program. Everybody wins. Here’s how it might work for a gift of $10,000:

Donation

$10,000

Tax Credit (50%) – $5,000
State Income Tax Deduction (6%) – $600
Federal Income Tax Deduction (28%) $2,800
Reduced State Deduction on Federal Return – $(1,400)
Total Out-of-Pocket Cost $3,000

What is the IDA program?

An IDA is a matched savings account that helps low-to-moderate income families learn how to save, set goals and build a stronger financial future through financial education and individual budget and credit counseling. Savings are matched 2:1 and can be used to purchase a first home, pursue post-secondary education, start a small business, or complete home repairs. United Way of Greater St. Louis manages several IDA programs that have helped thousands of St. Louis area residents set and meet savings goals.

Who is eligible?

Any individual, business, corporation, trust or estate or partnerships with a Missouri income tax liability.

What gifts are eligible?

Gifts of cash (Check, credit card, or EFT), stocks or bonds designated to our IDA Program.

How do I make a gift and receive the tax credit?

Contact Dayna Stock at (314)-539-4140 or dayna.stock@stl.unitedway.org to arrange payment. You will then receive an acknowledgement letter and a short tax credit form to fill out and return to United Way of Greater St. Louis. Ultimately you will receive a certification letter directly from the State of Missouri indicating your tax credits have been approved.

 

Donors receive a tax credit equaling 50% of the contribution. The tax credits may be applied against the following Missouri state tax liabilities: corporate and individual state income tax, excluding withholding tax imposed by sections 143.191 to 143.265 of RSMo, corporate franchise tax, gross premium receipts tax of insurance companies and tax of banks and other financial institutions, and gross receipts tax of express companies. A tax credit for qualifying contributions of up to $50,000 may be claimed within a single tax year, and the tax credit must be claimed for the year in which the contribution was made. FDA tax credits are not transferable. Remember, United Way of Greater St. Louis does not provide tax advice. Please consult a tax professional before making a donation.