To encourage giving, the State of Indiana allows a credit for gifts made to colleges and universities in Indiana. Because this is a tax credit, the allowable amount comes right off the bottom line of your tax bill.
The size of your credit is based on the total amount you donate to qualifying institutions in a calendar year. This credit is 50% of contributions up to $200 in gifts for single filers or $400 for joint filers. A married couple, for instance, can give $400 and have $200 taken right off their state tax bill. That $400 contribution ends up costing only $200!
And that’s in addition to any federal tax deductions that you may qualify for.
If you’ve already made a gift to WFIU, consider making an additional contribution before the end of the calendar year so that you can maximize your giving power. If you haven’t made a gift, now is the time. You’ll help support the programs you love while getting a great tax savings.
And that’s not all…
If you itemize on your federal tax return, your WFIU contribution is tax-deductible after subtracting the value* of any thank-you gifts you receive in return. The IU Foundation will mail you an acknowledgment of your contribution complete with tax information. Charitable gift tax advantages vary by individual.
* IRS regulations require that we calculate the “fair market” value of the gifts you return. In most cases, this is far more than what WFIU actually pays for the gift.