Supporting WFIU or WTIU may benefit you with a tax credit or more in the state of Indiana. Learn more below and talk with your financial advisor for details on your situation.
Indiana State Tax Benefits
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! Look for Form CC-40.
If you itemize on your federal tax return, your 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 the station actually pays for the gift.