Tax Advantages
If you file a state income tax return for Indiana, the state will credit up to 50% of your gift to Indiana colleges and universities against any state income taxes due. Download the CC-40 Form and include it with your Indiana tax return.
Individual filers receive a $100 credit for the first $200 contributed; joint filers receive a $200 credit for the first $400 contributed. If you itemize, your contribution may also qualify as a deduction on your federal tax return.
Here is how it works:
| $200 Gift to Huntington University | |||
|---|---|---|---|
| Federal | |||
| State Savings | Tax % | Savings | Cost of Gift to HU |
| $100 | 15% | $30 | $70 |
| $100 | 25% | $50 | $50 |
| $100 | 28% | $56 | $44 |
| $100 | 33% | $66 | $34 |
| $100 | 35% | $70 | $30 |
| $100 | 39.6% | $79.20 | $20.80 |
| $400 Gift to Huntington University | |||
| Federal | |||
| State Savings | Tax % | Savings | Cost of Gift to HU |
| $200 | 15% | $60 | $140 |
| $200 | 25% | $100 | $100 |
| $200 | 28% | $112 | $88 |
| $200 | 33% | $132 | $68 |
| $200 | 35% | $140 | $60 |
| $200 | 39.6% | $158.40 | $41.60 |
| Consult your tax or financial advisor for how this strategy will fit into your giving plan. | |||