Oklahoma Parental Choice Tax Credit
At Miacademy, we’ve been hard at work partnering with various state funding agencies across the country. Our goal is to make a quality education accessible for every student, and we’re accomplishing our goal one state at a time.
If you’re homeschooling in Oklahoma, we have some exciting news to share with you!
As of 2023, The MiaPrep and Miacademy families of online homeschool curricula, including MiaPrep Online High School, are now eligible expenses for the Oklahoma Parental Choice Tax Credit!
What Is the Oklahoma Parental Choice Tax Credit?
The Parental Choice Tax Credit Act in Oklahoma offers a refundable income tax credit to support education expenses for Oklahoma residents. The program provides:
- Private School Students: A tax credit ranging from $5,000 to $7,500 per child to cover tuition and fees at accredited private schools. The amount varies based on household income, with lower-income families receiving the highest credits.
- Homeschool Students: A tax credit of $1,000 per child to cover various educational expenses, such as online learning programs, tutoring, textbooks, and standardized testing fees.
The program prioritizes households with an Adjusted Gross Income (AGI) of $150,000 or less. Applicants must submit their applications by February 5, 2024 for priority consideration. The total amount of credits authorized for 2024 is capped at $150 million, with the cap expected to increase in future years.
Who Qualifies for the Oklahoma Parental Choice Tax Credit?
To receive the Oklahoma Parental Choice Tax Credit, students must be eligible to enter grades K-12 and the recipient of the credit must be the legal parent or guardian of the student, in addition to being an Oklahoma resident.
Oklahoma Private School Tax Credit
For the private school credit, tax credits are given based on the household income two years prior. This means that to get the 2024 tax credit, you’ll need to submit your Adjusted Gross Income for the 2022 tax year.
To be eligible for the private school tax credit, the student must be enrolled in and attending or planning to enroll in an eligible private school in Oklahoma.
The credit amount depends on how much you expect to pay for private school tuition and fees for the tax year, as stated in the private school’s Affidavit of Enrollment. Each payment will be no more than half of the total allowed credit for the year.
Oklahoma Homeschool Tax Credit
To be eligible for the Homeschool tax credit, the person who claims the credit must be the legal guardian of the student, a resident of Oklahoma, and homeschooling the child as outlined by Oklahoma’s homeschool laws.
How Do I Get Miacademy With the Parental Choice Tax Credit in Oklahoma?
The instructions for claiming the tax credit differ based on which type of credit you choose:
Private School – MOHS Only
At this time, only MiaPrep Online High School (MOHS) is eligible for the private school credit.
You can apply for the credit beginning on the first day of December preceding the applicable tax year. For example, the application process opens on December 1, 2024 for tax year 2025.
To claim the private school tax credit, follow these steps:
- Apply online.
- Upload the completed Affidavit of Enrollment with your application.
- Include a copy of the Oklahoma income tax return or the federal income tax return for the second preceding tax year of the household the student belongs to.
- If the household didn’t need to file taxes, submit the Affidavit for No Filing Requirement (OTC Form 591-C) and an IRS Verification of Nonfiling Letter, which prove that there is no tax record for the year requested.
Once your application is accepted, you may receive your tax credit for qualified educational expenses.
Qualified educational expenses include:
- Tuition and fees at a private school accredited by the State Board of Education or another accrediting group, such as the Oklahoma Private School Accrediting Commission (OPSAC) or any OPSAC-recognized association
- Fees for enrollment, registration, or application
- Textbook fees
- Technology fees
- Activity fees
- Testing and assessment fees
- Fees for school uniforms, if paid directly to the school
Homeschool – K-8 Curriculum and MiaPrep
Instead of applying online, you can claim this credit on your Oklahoma income tax return. For example, the credit for tax year 2024 will be claimed on the 2024 Oklahoma income tax return to be filed in 2025. You may claim up to $1,000 in expenses, and you must provide receipts with your tax return.
Eligible expenses for the credit include:
- Tuition and fees for nonpublic online learning programs
- Academic tutoring services provided by an individual or a private tutoring facility
- Textbooks, curriculum, or other instructional materials, including supplemental materials or associated online instruction required by an education service provider
- Fees for nationally standardized assessments, including those for college admission and advanced placement exams
- Tuition and fees for tutoring or preparatory courses for these assessments
All of Miaplaza’s K-8 programs and MiaPrep are eligible for this credit.
If you have any questions about whether Miacademy or MiaPrep would be the best homeschool curriculum for your family, feel free to reach out to our customer service team! Our friendly and knowledgeable agents will be happy to find you the answers you need.
FAQ
What Is the Oklahoma Parental Choice Tax Credit?
The Oklahoma Tax Credit for Private School and Homeschool helps families cover the cost of alternative education through tax credits. While each program has different requirements, all students must be eligible to enter grades K-12, and parents must be the legal guardians of the student and reside in Oklahoma.
Information accurate as of: 05/29/2024 . The information provided on this site is intended for research purposes only. Miaplaza is not responsible for any errors, omissions, or outdated information, or for the results yielded through use of this information.