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?
It's true. The State of Indiana will "split" the cost of any gift you make to IWU. Those filing jointly who give a gift of $400 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 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 |
$16,050 - $65,100*
Taxable Income |
|
$8,025 - $32,550*
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
|
$65,100 - $131,450*
Taxable Income |
$32,550 - $78,850*
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 2008.
Please Note: This program only applies to individuals who pay Indiana state taxes.
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
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