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Help provide scholarships to Southwest Covenant students and receive big tax credits and deductions.

Any individual, family or business paying taxes in Oklahoma can donate to the Opportunity Scholarship Fund and receive state tax credits and federal income tax deductions.  Redirecting your tax dollars can result in little, and sometimes NO net cost to you.  Support education through OSF by giving today!


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How It Works

Ways to Give

OSF offers multiple ways to give for your convenience.  To get started, you must first set up your account via the donor portal, choose your preferred method of giving, and designate Southwest Covenant schools as your recipient.
 

 

Giving Scenarios

FAQ's

How much can I give to maximize my tax credit?
  • $2,000 if filing single with a one-year commitment
  • $1,333 if filing single with a two-year commitment
  • $4,000 if filing jointly with a one-year commitment
  • $2,667 if filing jointly with a two-year commitment
  • $200,000 if filing as a qualified business and making a one-year commitment
  • $133,333 if filing as a qualified business and making a two-year commitment

    One-year commitment = 50% tax credit; Two-year commitment = 75% tax credit


The maximum amount of tax credits you can receive varies by filing status.

  • Single: $1,000 
  • Jointly: $2,000
  • Qualified business: $100,000
What's the deadline to contribute and still get a tax credit?

Donations must be postmarked on or before December 31. OSF must report gifts to the Oklahoma Tax Commission on January 10, of the following year, to be credited in the year donated.

The tax credit you get for donating to OSF may be claimed when you file your tax return the following year. Federal and state tax deductions for your charitable contribution to OSF may also be claimed if you itemize when filing your annual tax returns.

What form do I submit to claim my tax credits?

To claim your tax credits, you are required to fill out and submit Form 511-CR. Click here to download the form.

Can my donation be designated for a specific student?

Southwest Covenant's Board of Directors will review applications and award scholarships based on need and availability of funds.

When can I use my tax credit?

The tax credit you get for donating to OSF may be claimed when you file your tax return the following year. For example, tax credits received from a 2022 OSF donation may be used to offset income taxes on your 2022 Oklahoma tax return filed in 2023.

The tax credit is good up to the state tax liability. The tax credit from a scholarship granting organization is not refundable. A non-refundable tax credit is a tax credit that can only reduce a taxpayer’s liability to zero. You may only use this tax credit to offset Oklahoma income taxes. Any tax credit not used in a given tax year due to no tax liability may be carried over for up to three years.

Do tax credits carry over?

You have 3 years to apply your tax credits, and the clock starts the year after your donation. So, for example, tax credits received from donations made in 2023 must be used by 2026.

 

 

How to Apply for Scholarships

***  Please contact Trista Murphy at 405-354-9222 or tmurphy@southwestcovenant.com if you are interested in applying for tuition assistance for your student(s).