Indiana residents can earn a state tax credit on a gift to the University of Indianapolis. An individual is allowed a credit of 50 percent of the contribution or $100 (on a single return) or $200 (on a jointly filed return), whichever is less. Use the Indiana College Credit tax form (CC-40) to take advantage of this tax credit.
Note: Illustration is based on 2017 Tax Rates
Please contact Stephanie Hays-Mussoni in University Advancement for additional information on tax benefits.
*The state of Indiana gives residents a 50 percent tax credit on gifts up to a total of $200 for single filers and on gifts up to a total of $400 for joint filers. The state of Indiana gives residents a $100 tax credit on gifts over a total of $200 for single filers and a $200 tax credit on gifts over a total of $400 for joint filers.
**Applicable for those who itemize deductions. Please note that this schedule does not reflect the effect of the phaseout of itemized deductions for high income tax payers.
***This schedule is provided to illustrate potential tax savings. Individual tax situations vary; please consult your personal tax adviser.