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At a Glance

Tax Benefits

Indiana residents can earn a state tax credit on a gift to the University of Indianapolis. An individual is allowed a credit of 50 percent of the contribution or $100 (on a single return) or $200 (on a jointly filed return), whichever is less. Use the Indiana College Credit tax form (CC-40) to take advantage of this tax credit.

Indiana College Credit Tax Form (CC-40)

Tax Credit Calculator
Amount of Gift: $
Resident of Indiana:  

Note: Illustration is based on 2016 Tax Rates.

Filing a single return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $9,275 10%
$9,276 - $37,650 15%
$37,651 - $91,150 25%
$91,151- $190,150 28%
$190,151 - $413,350 33%
$413,351 - $415,050 35%
$415,051 or more 39.6%

Filing a joint return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $18,550 10%
$18,551 - $75,300

15%

$75,301- $151,900 25%
$151,901 - $231,450 28%
$231,451 - $413,350

33%

$413,351 - $466,950 35%
$466,951 or more 39.6%

Note: Illustration is based on 2016 Tax Rates

Please contact Stephanie Hays-Mussoni in University Advancement for additional information on tax benefits.

*The state of Indiana gives residents a 50 percent tax credit on gifts up to a total of $200 for single filers and on gifts up to a total of $400 for joint filers. The state of Indiana gives residents a $100 tax credit on gifts over a total of $200 for single filers and a $200 tax credit on gifts over a total of $400 for joint filers.

**Applicable for those who itemize deductions. Please note that this schedule does not reflect the effect of the phaseout of itemized deductions for high income tax payers.

***This schedule is provided to illustrate potential tax savings. Individual tax situations vary; please consult your personal tax adviser.