Indiana Tax Credit
The Bottom Line (click here to view Tax Benefits brochure)
This program allows you to redirect your Indiana state and federal tax dollars to support the mission of Indiana Wesleyan University.
Opportunity
Did you know that the State of Indiana will "split" the cost of any gift you make to Indiana Wesleyan University?
Yes, it's true. The State of Indiana will "pay" half the cost of any gift that you make to Indiana Wesleyan University - up to a maximum of $400 for those filing joint, and $200 for those filing single.
The Method
How does it work?
- You send your gift to Indiana Wesleyan University.
- When you file your Indiana income tax return, you complete and file form 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.
The Net Cost of your donation to Indiana Wesleyan
Filing Joint |
|
Filing Single |
$15,100 - $61,300*
Taxable Income |
|
$7,550 - $30,650*
Taxable Income |
$400 Gift to IWU
- $200 IN Tax Credit Savings
- $60 Federal Tax Savings
$140 Your Net Cost |
$200 Gift to IWU
- $100 IN Tax Credit Savings
- $30 Federal Tax Savings
$70 Your Net Cost
|
$61,301 - $123,700*
Taxable Income |
$30,651 - $74,200*
Taxable Income |
$400 Gift to IWU
- $200 IN Tax Credit Savings
- $100 Federal Tax Savings
$100 Your Net Cost |
$200 Gift to IWU
- $100 IN Tax Credit Savings
- $50 Federal Tax Savings
$50 Your Net Cost |
*This reflects both Federal and State guidelines for 2006.
Please Note: This program only applies to individuals who pay Indiana state taxes.
For More Information Contact:
Indiana Wesleyan University
Office of Advancement
4201 S. Washington St.
Marion, IN 46953-4974
(765)677-2105
gifts@indwes.edu
Church Gifts are Doubled!
Your $100 net contribution* to IWU in the name of your church could mean $1,600 in support to students from your church. Here's how!
When you are an Indiana resident and you donate $400 to IWU in the name of your church, and ask you employer to match your gift, IWU will receive $800. IWU will then match your gift and your employer's gift under our Church Matching Scholarship Fund** with an additional $800, bringing the total applied to the accounts of students from your church to $1,600.
Then, when you file your taxes next year, apply for the Indiana Tax Credit and your tax debt will be reduced by $300, bringing your net contribution down to $100.
Complicated? Confused? Contact our Church Relations Office staff and they will be glad to answer any questions you may have and work with your employer and our student accounts office be make sure your church's students receive a $1,600 scholarship from your $100 gift!
Wanda Bosworth
Church Relations Office
Indiana Wesleyan University
4201 S. Washington Street
Marion, Indiana 46953
765-677-2113
churchrel@indwes.edu
* See IWU's Indiana Tax Credit web page for details and conditions
** See Church Matching Scholarship Program web page for details on how IWU will match your church's scholarship dollars for students attending IWU. |
