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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 2017 Tax Rates.

Filing a single return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $9,325 10%
$9,326 - $37,950 15%
$37,951 - $91,900 25%
$91,901- $191,650 28%
$191,651 - $416,700 33%
$416,701 - $418,400 35%
$418,401 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 - $18,650 10%
$18,651 - $75,900

15%

$75,901- $153,100 25%
$153,101 - $233,350 28%
$233,351 - $416,700

33%

$416,701 - $470,700 35%
$470,701 or more 39.6%

Note: Illustration is based on 2017 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.