Indiana Tax Credit
The Opportunity
Did you know that the state of Indiana will “split” the cost of any gift you make to Indiana Wesleyan University?
It's true. Those filing a joint tax return who give a gift of $400 to IWU will be credited $200 by the state of Indiana. Likewise, those who file a single tax return will be credited $100 by the state for a gift of $200. You may also be eligible for a federal tax deduction.
The Bottom Line
This program allows you to redirect your Indiana state and federal tax dollars to support the mission of Indiana Wesleyan University.
View the Tax Benefits for Hoosiers brochure.
The Method
How does it work?
- You send your gift to Indiana Wesleyan University (4-digit code: 2700)
- When you file your Indiana income tax return, you complete and file Schedule CC-40 with your return.
The Results
How do you collect from the state of Indiana?
- If you have a refund due on your Indiana income tax return (before including your gift to Indiana Wesleyan University), the state of Indiana sends you a larger refund — larger by half the amount of your gift to Indiana Wesleyan University.
- If you owe Indiana income tax (before including your gift to Indiana Wesleyan University), you may reduce the balance you owe the state of Indiana by half the amount of your gift to Indiana Wesleyan University.
- If you own a business, the amount of a corporation's credit is equal to fifty percent (50%) of the total amount given during the tax year. However, the credit may not exceed the lesser of ten percent (10%) of the corporation's adjusted gross income tax liability, or the amount of $1,000.
Tax Credit up to 50%
| Filing Single |
Filing Joint Return |
| Gift |
Tax Credit |
Gift |
Tax Credit |
| $400 |
$100 |
$400 |
$200 |
| $300 |
$100 |
$300 |
$150 |
| $200 |
$100 |
$200 |
$100 |
| $100 |
$50 |
$100 |
$50 |
This is an actual TAX CREDIT, not a deduction! Even if you would not normally file an Indiana Tax Return, you would be entitled to file a return and claim your credit/refund.
If you owe taxes, your credit will reduce the amount owed. Other rules can apply, read the CC-40 form instructions carefully or consult your tax advisor.
For more information, contact:
Indiana Wesleyan University
Department of Annual Giving
4201 S. Washington St.
Marion, IN 46953-4974
765-677-2106
annualfund@indwes.edu