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) Adobe PDF icon

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

Note: Illustration is based on 2014 Tax Rates.

Filing a single return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $9,075 10%
$9,076 - $36,900 15%
$36,901 - $89,350 25%
$89,351- $186,350 28%
$186,351 - $405,100 33%
$405,101 - $406,750 35%

Filing a joint return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $18,150 10%
$18,151 - $73,800

15%

$73,801- $148,850 25%
$148,851 - $226,850 28%
$226,851 - $405,100

33%

$405,101 - $457,600 35%

Please contact Andy Kocher 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.