In addition to supporting student success and the IU Columbus causes you care about the most, making a gift to the Campus Campaign can result in tax savings that reduce the net cost of your gift.
Indiana taxpayers are allowed a credit of 50 percent of the contribution or $100 (on a single or fiduciary return) or $200 (on a jointly filed return), whichever is less. View and download a printable copy of the Schedule CC-40 form for Indiana College Credit.
Finally, a federal income tax charitable deduction may be available if you itemize your expenses and deductions when filing IRS Form 1040.
For example, let's assume an individual has an annual income of $40,000, files an individual tax return, itemizes, and falls into the 22 percent marginal tax bracket. If this person made a $200 gift to IU Columbus in February 2018, after credits and deductions, it would result in an actual cost to the individual of $56.
This is how it works:
Gift | $200 |
Federal tax saving (-) | $44 |
Indiana tax credit (-) | $100 |
Net cost to the individual | $56 |
Please consult your tax advisor for advice on your particular situation. You may view detailed IRS regulations in Charitable Contributions, Publication 526.
