What is a tax credit?
A tax credit is an offset against the amount of taxes you owe. If you have a tax credit in the amount
of $100, that means that your income taxes will be lowered by $100.
How is that different from a deduction?
A tax credit is an offset against the taxes you owe, while a deduction is an offset against your taxable
income. The bottom line: a tax credit saves you more money than a deduction.
What is the OMRF Donor Tax Credit?
Under Oklahoma law, anyone who makes a tax-deductible donation to the Oklahoma Medical Research Foundation
may claim a tax credit equal to half the amount of their donation (for
gifts up to $2,000 for individuals and $4,000 for joint filers) on their Oklahoma
state income tax return. This tax credit is known technically as the “Biomedical Research Tax Credit.”
Who can claim the Biomedical Research Tax Credit?
Any Oklahoma taxpayer (including individuals, corporations, estates,
trusts and partnerships) who makes a donation to OMRF may claim this
credit on their state income tax return.
Will I be able to claim this tax credit on my federal income tax return?
No. However, you may still claim your donation to OMRF as a tax deduction on your federal return just as
you do any other charitable contribution.
How do I claim the Biomedical Research Tax Credit on my Oklahoma
income tax return?
Enter the amount of the total credit on line 38 of Oklahoma state
income tax Form 511CR (“Other Credits Form”) and provide with the state
tax return. You can find and print out a copy of Form
511CR at http://www.tax.ok.gov/it2009/511CR-09.pdf.
The Oklahoma State Income Tax Form 511 for 2009 can be found at
http://www.tax.ok.gov/it2009/511-PKT-09.pdf.
Do I need to submit a receipt from OMRF along with my return?
Yes, if you are filing a traditional paper, return a copy of the
canceled check or OMRF receipt must be included. If you file your taxes electronically, you also should
keep your receipt, as the Oklahoma Tax Commission may require a copy.
If I file my taxes electronically, how do I claim this credit?
Whatever electronic filing program you use should offer you an
opportunity to claim this tax credit.
Do I need to itemize my taxes to claim this credit?
No. Even if you take the standard deduction, you may claim this credit.
How large will my tax credit be?
Your tax credit will be equal to half the amount of your donation to OMRF, up to a total tax credit of
$1,000 for individuals, $2,000 for taxpayers filing jointly. That means that a $100 gift will earn you
a tax credit of $50, while a $2,000 gift will bring a credit of $1,000.
Can I claim tax credits on multiple donations made throughout the year?
Yes, for purposes of this credit, you may combine any number of donations up to a cumulative annual total
of $2,000 for individual taxpayers or $4,000 for taxpayers filing a joint return.
Can I claim the credit on a gift of stock or other securities?
Yes, gifts of stock and other securities also qualify for the credit. In fact, under some circumstances,
gifts of appreciated securities can create even greater tax advantages than gifts of cash. If you would
like further guidance on this particular issue, please consult a qualified tax professional.
Are charitable IRA rollover gifts to OMRF eligible for the tax credit?
Yes. OMRF is a qualified public charity under the charitable IRA rollover provisions enacted by the
federal government for tax years 2006–2009, and the Oklahoma Tax Commission indicated that these gifts are
eligible for the Biomedical Research Tax Credit.
This information is provided for general information purposes only,
and we recommend that you consult a qualified tax professional to determine the effect a donation to
OMRF will have upon your individual income tax return. If you have additional questions or need further
assistance, please don't hesitate to call OMRF at
(405) 271-7400.
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